Bank of America misses earnings and revenue estimates
The bank’s third-quarter revenue and adjusted earnings fell short of forecasts, though net interest and investment banking income beat estimates.
Key takeaways
- Adjusted earnings were $1.08 per share, below the $1.16 estimate.
- Net interest and investment banking income exceeded analyst forecasts.
Bank of America reported third-quarter adjusted earnings of $1.08 per share, below analysts’ $1.16 estimate. Revenue was $29.96 billion, short of the $30.75 billion forecast.
Net income was $6.9 billion. Earnings calculated under accounting standards were $0.91 per share, including a $1.2 billion settlement expense that reduced earnings by $0.17 per share.
Some business lines beat expectations. Net interest income reached $16.45 billion, while trading revenue excluding debit valuation adjustments was $6.06 billion. Investment banking income was $1.80 billion.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
