Bank of America shares drop nearly 2% as earnings, revenue shy of consensus

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Bank of America Corp. shares fell 1.9% on Monday after the bank fell short of Wall Street’s profit estimate, but revenue matched the analyst view. Bank of America’s second-quarter profit fell by a third to $6.2 billion, or 73 cents a share, from $9.2 billion, or $1.03 a share, in the year-ago quarter. Revenue increased to $22.7 billion from $21.5 billion. Bank of America was expected to earn 75 cents a share on revenue of $22.7 billion, according to estimates compiled by FactSet. “We believe our earnings generation over the next 18 months will provide ample capital to support growth, pay dividends, buy back shares and…

This article was originally published by Marketwatch.com. Read the original article here.

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