Have you been eager to see how Bank of America Corporation BAC performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Charlotte-based one of the world's largest financial institutions’ earnings release this morning:An Earnings MissBofA came out with earnings of 21 cents per share, lagged the Zacks Consensus Estimate of 22 cents. Further, the figure was down from 25 cents recorded in the prior-year quarter.Lower revenue was the key reason for the earnings miss.How Was the Estimate Revision Trend?You should note that the earnings estimate revisions for BofA depicted a bearish stance prior to the earnings release. The Zacks Consensus Estimate fell 8.3% to 22 cents over the last 7 days.However, BofA has a decent earnings surprise history. Before posting the earnings miss in Q1, the company delivered positive surprises in three quarters of the prior four quarters. Overall, the company has a positive earnings surprise of 7.66% in the trailing four quarters.Lower-than-expected RevenuesBofA posted net revenues (FTE basis) of $19.5 billion, which lagged the Zacks Consensus Estimate of $20.5 billion. Also, it compared unfavorably with the year-ago number of $20.9 billion.Key StatisticsInvestment banking fees were $1.2 billion, down 20%.Sales and trading revenue (excluding net DVA) declined 16% to $3.3 billionProvision for credit losses surged 30% to $997 millionNon-interest expense fell 6% to $14.8 billionReturned $1.5 billion to shareholders through repurchases and dividends What Zacks Rank SaysThe estimate revisions that we discussed earlier have driven a Zacks Rank #5 (Strong Sell) for BofA. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look unfavorable, it all depends on what sense the just-released report makes to the analysts.How the Market Reacted So FarFollowing the earnings release, BofA shares were down nearly 3% in the pre-trading session. This is contradictory with what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have not considered the results in their favor. However, the full-session’s price movement may indicate a different picture.Check back later for our full write up on this BofA earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BANK OF AMER CP (BAC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research