Wells Fargo's 3Q profit misses expectations
Wells Fargo reported 3Q adjusted profit of $1.13 per share, missing the estimate for $1.17 but still 12 percent above the year-earlier quarter. Revenue was $21.9 billion, in line with estimates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 75.33 | -0.87 | -1.14% |
The bank had a 18 percent decline in profit in the year ago quarter due to legal costs. Profit was $4.6 billion, or $0.84 per share.
Year ago revenue was $21.8 billion.
In this year’s second quarter, Wells Fargo missed expectations reporting a profit of $0.98 per share on revenue of $21.6 billion. The quarterly earnings per share included a discrete income tax expense of $0.10 per share.