Bank of America (NYSE:BAC) earnings for the first quarter of fiscal 2020 have BAC stock down on Wednesday afternoon. This is after reporting revenue of $22.8 billion, which is below Wall Street’s estimate of $22.91 billion. Also, the company reported adjusted earnings per share (EPS) of 40 cents, while analysts were expecting adjusted per-share earnings of 46 cents for the quarter.
The following is what else is worth mentioning from the most recent Bank of America earnings report.
- Adjusted EPS is down 42.86% from 70 cents during Q1 2019.
- Revenue for the quarter comes in less than 1% lower than the $23 billion during the same time last year.
- The Bank of America earnings report also includes a net income of $4 billion.
- That’s 45.21% worse than $7.3 billion from the first quarter of 2019.
Brian Moynihan, chairman and CEO of Bank of America, said this about the BAC stock earnings report:
“Our results reflect the strength of our balance sheet, the diversity of our earnings, and the resilience of our teammates to serve clients around the world. Despite increasing our loan loss reserves, we earned $4 billion this quarter, maintained a significant buffer against our most stringent capital requirement, and ended the quarter with more liquidity than when we began.”
The Bank of America earnings report does not include guidance for fiscal 2020. That said, we know what Wall Street is expecting. Analysts’ estimates are aimed for EPS of $1.83 on revenue of $86.75 billion.
BAC stock was up down 6.07% as of Wednesday afternoon.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
