Bank of America missed revenue expectations
After Wells Fargo posted mixed quarterly results yesterday, a major American bank did the same.
In Q4 2020, Bank of America had an EPS of 59 cents per share on $20.2 billion revenues. While the EPS came ahead of the 55 cents forecasted, the same cannot be said about the revenue. The latter fell short of the mark by $500 million.
According to Bank of America, most of the revenue shortfall was due to its trading division. It reported $1.74 billion in fixed-income revenue, lower than the $2.11 billion estimated.
For the future, Bank of America announced that it would repurchase $2.9 billion worth of shares and keep its dividend at 18 cents.
After the figures became public, Bank of America stock price lost 1.2% in the premarket session. In 2020, its shares lost 15%.
Read here all about Wells Fargo’s quarter!
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.