SVB Financial Whiffs Strongly on Q1 EPS, Yet Stock Rises
SVB Financial Group (NASDAQ: SIVB) saw its shares rise Thursday, despite a lower-than-expected Q1 of fiscal 2020 net profit due to the higher provisioning that's become commonplace for banks.
Results for the quarter were released this afternoon, and the company's top and bottom lines went in opposite directions. Total revenue was $869 million, an improvement of nearly 5% on a year-over-year basis. On the other hand, net profit dived by 54% to land at just over $132 million ($2.55 per share).
Image source: Getty Images.
Source Fool.com
