BoA Falls Short of Q2 Earnings Expectations... Stock Price Declines
[Asia Economy Reporter Kim Suhwan] Bank of America (BoA) announced its second-quarter earnings for this year, which fell short of expectations, on the 14th (local time).
According to BoA's announcement, it posted revenue of $21.57 billion (approximately 24.8 trillion KRW) in the second quarter. This represents a decline of about 4% compared to the same period last year and falls short of the market forecast of $21.83 billion (approximately 25.1 trillion KRW).
BoA stated that the low interest rates contributed to this decline in revenue.
Additionally, BoA reported an operating profit of $9.2 billion (approximately 10.58 trillion KRW) for the second quarter. The earnings per share amounted to $1.03.
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Following the announcement, BoA's stock price fell 2.16% in pre-market trading on the New York Stock Exchange.
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