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Wells Fargo Earnings

Wells Fargo Earnings

Wells Fargo 3Q profit falls 23%, revenue rises slightly


The Associated Press - October 15, 2019

SAN FRANCISCO (AP) - Wells Fargo & Co. says net income in the third quarter fell 23% to $4.61 billion.

The bank, based in San Francisco, said Tuesday that it had earnings of 92 cents per share, down from $1.13 per share a year ago.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share. The latest results included a charge of 35 cents per share related to legal matters, offset somewhat by a gain of 20 cents per share from the sale of a business.

The biggest U.S. mortgage lender posted revenue of $26.88 billion in the period. Its revenue net of interest expense was $22.01 billion, up slightly from $21.94 billion a year earlier and surpassing Street forecasts. Five analysts surveyed by Zacks expected revenue of $21.12 billion.

Wells Fargo shares have climbed 7% since the beginning of the year, while the Standard & Poor's 500 index has increased 18%. The stock has decreased slightly more than 5% in the last 12 months.



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