Bank of America ( BAC) reported better-than-expected profit for the second quarter, boosted by a drop in expenses. Bank of America reported net income that rose to $3.57 billion, or 32 cents a share, from $2.1 billion, or 19 cents a share, in the same period last year. The results handily beat analysts' expectations of 25 cents a share, according to Thomson Reuters. Revenue rose 3.5% to $22.73 billion. Higher revenue from equities sales and trading also contributed to the better-than-expected results. The global markets division saw a 93% rise in net income to $959 million. The bank's operating expenses fell to $16.02 billion from $17.05 billion in the same quarter a year ago. Bank of America has been aiming to save $8 billion a year through an initiative introduced in 2011.
Toymaker Mattel ( MAT) reported a 23% drop in second-quarter profit on struggling sales of Barbie products.