BofA's Q1 revenue fails to meet expectations

Bank of America Corporation (BofA)reported Wednesday that its registered positive profits in the first quarter of 2013 but the revenue missed market expectations.According to the released financial results, over the period the bank's net income reached 2.6 billion U.S. dollars, or 0.20 per diluted share, compared to 653 million dollars, or 0.03 dollar per diluted share, in the first quarter of 2012.However, its total adjusted revenue fell 8.4 percent to 23.85 billion dollars, duo to weaker revenue from trading in fixed income securities and mortgages. Revenue from the fixed income, currency and commodities markets dropped 829 million dollars to 3.3 billion dollarsChief Executive Officer Brian Moynihan said the results showed that "we are balanced, focused and moving forward."BofA has pledged to cut 8 dollars billion of expenses by mid-2015 and its litigation expenses for the quarter declined to 881 million dollars from 916 million dollars in the fourth quarter of 2012 and 793 million dollars a year earlier.BofA shares have slipped 4.4 percent to 11.7 dollars two hours after Wednesday's opening of the stock market