Bank of America Shares Climb After Q1 Top Estimates With $6.99B Profit
Bank of America (BAC, Financial) shares rose 3% on Tuesday morning after posting stronger-than-expected first-quarter earnings, driven by higher revenue and a solid performance across its core businesses.
The lender reported adjusted earnings of $0.90 per share for the three months ended March 31, up from $0.83 a year earlier. That figure came in above the consensus forecast of $0.82 from analysts, with estimates ranging from $0.78 to $0.85.
Revenue increased nearly 6% year over year to $27.51 billion, outpacing expectations of $26.99 billion. Net income for the quarter came in at $6.99 billion.
The latest results come amid a tough macro backdrop for U.S. banks, with rising funding costs and slower loan growth continuing to weigh on the sector.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10