Bank Of America Profit Returns But Misses Wall Street Expectations

April 15, 2015 2:46 PM

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Bank Of America Profit Returns But Misses Wall Street Expectations

It’s an improvement over last year, but not enough of a rebound for Wall Street: Bank of America reported first quarter earnings results Wednesday morning, and while the bank’s profit compared favorably to the $276 million net loss reported one year ago, the rebound wasn’t enough to match the Street’s expectations. BofA’s results fell short of the analyst consensus on both the top and bottom line, and as a result, shares of its stock have slipped into negative territory in early Wednesday trading.

Bank of America reported $21.4 billion in first quarter revenue, down 5.9% over the prior-year period and just missing the $21.5 billion Wall Street estimate. Net income for the quarter came in at $3.36 billion — up sharply from the $276 million net loss that was driven by $6 billion in litigation e...

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