Wells Fargo's 3Q profit misses expectations
Belpointe Asset Management chief strategist David Nelson, The Stock Swoosh’s Melissa Armo and Payden & Rygel chief economist Jeffrey Cleveland discuss how strong earnings from JPMorgan Chase, Citigroup and Wells Fargo can help the stock market recover from the selloff.
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. | 89.83 | -0.38 | -0.42% |
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.