To The Moon

Stock Market Up Again! Is The Bottom In!?

$Bank of America(BAC)$ reported Q4 2022 revenue of $24.5 billion, up 11% year-over-year, beating market expectations of $24.2 billion, and net income of $7.1 billion, up 1.4% year-over-year from $7.0 billion in the prior year quarter. On the revenue side, net interest income increased 29% year-over-year to $14.7 billion (below market expectations of $14.95 billion) due to higher U.S. interest rates, accounting for 60% of revenue in the fourth quarter (compared to 57% in the fourth quarter last year). Expenses: Also driven by the sluggish macroeconomic outlook and weak loan growth, Bank of America's provision for credit losses soared to $1.1 billion in Q4 2022, compared to a $489 million provision for bad debts released in the same period