The Q1 reports of PNC Financial were a disappointment to the analysts.
According to the announcement made by PNC Financial, there was an income of 1.91$ which added up to a revenue of $4.52 billion. The expected revenue was $4.39 billion according to a poll by Investing.com. In the previous year’s Q1, the per share earnings were 2.61$ leading to a total income of $4.29 billion. In the previous quarter, the income per-share was $2.97 adding up to a total income of $4.61.
There was a 37% fall in the stock prices of PNC Financial this year. The recorded result was less than the calculated average based on the S&P 500 index. There has been a 12% decrease since the beginning of the current year. However, this fall seems to be the general trend.
On Tuesday, PNC Financial, a JP Morgan company, in its Q1 report reported a total profit of $29.07 billion. The expected profit was $29.53 billion. While the revenue remained lower than usual, the profit exceeded all expectations.