Corporate Profits Will Shrink 13% This Quarter and Kick Off an Earnings Recession, Bank of America Warns
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- Bank of America forecasts year-over-year earnings will be $34.00 in the first quarter, a 13% slump, according to a Monday note.
- The bank expects earnings per share to decline on a year-over-year basis in all four quarters of 2020, marking the first earnings recession since 2015-16.
- "We see even more downside risk to rest-of-year consensus estimates, where analysts forecast a -8% YoY decline in 2020 overall," BofA analyst Savita Subramanian said...