Bank of America (NYSE: BAC) reported fourth-quarter 2020 financial results before the regular market hours on Tuesday. The banking major reported fourth-quarter revenue of $20.2 billion, down 10% year-over-year, and lower than the Wall Street projection. Meanwhile, net income of $0.59 per share was higher than what analysts had anticipated.
BAC shares fell 1.8% immediately following the announcement.
CEO Brian Moynihan said, “During 2020, we witnessed the dramatic effects of the health crisis on the economy and our company’s operations. In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity. The latest stimulus package continued progress on vaccines, and our talented teammates – who performed well helping their customers through this crisis – position us well as the recovery continues.”
_____
Most Popular
NKE Q2 Earnings Preview: Can Nike maintain the recovery momentum?
Sneaker giant NIKE, Inc. (NYSE: NKE) entered the fiscal year facing heightened competition and shifting consumer preferences. Its upcoming second-quarter results are expected to reflect these evolving industry dynamics and
Earnings Preview: Conagra Brands’ (CAG) sales and earnings projected to decline in Q2 2026
Shares of Conagra Brands, Inc. (NYSE: CAG) rose 1% on Friday. The stock has dropped 7% in the past three months. The branded food company is slated to report its
Costco (COST) reports strong growth in Q1 FY26 earnings; revenue up 8%
Costco Wholesale Corporation (NASDAQ: COST) has reported an increase in net income for the first quarter of fiscal 2026. Revenues grew 8.3% year-over-year. The Issaquah, Washington-headquartered warehouse giant’s total revenues
