Bank of America’s earnings came in at 73 cents per share, beating the 63 cents expected. Revenue was $22.7 billion versus initial estimates of $22.397 billion.
Wells Fargo & Co. finished 2018 by posting a net income of nearly $6.1 billion, or $1.21 in diluted earnings per share.
Morgan Stanley missed on earnings with a profit of 80 cents per share, falling below the 89 cent average estimate of analysts surveyed by Refinitiv. In addition, Morgan Stanley reported that revenue declined 10 percent to $8.55 billion as opposed to the $9.3 billion estimate.
Netflix Misses on Revenue
The technology sector that was beaten down as a result of 2018’s year-end volatility got a boost with Netflix reporting better-than-expected earnings, but missing slightly on revenue. The streaming video company reported an earnings per share of 30 cents versus the 24 cents forecasted by Refinitiv, but $4.19 billion in revenue as opposed to the $4.21 billion expected.
“You know for 20 years we’ve been trying to please our members, and it’s really the same focus year after year,” said Netflix CEO Reed Hastings. “We’ve got all these ways to try to figure out which shows work best, which product features work best. It’s the same virtuous cycle: Improve the service for our members, we grow, that gives us more money to invest.”
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