Wells Fargo misses 2Q earnings expectations

By EarningsFOXBusiness

Overall good quarter for JPMorgan: Anton Schutz

Mendon Capital Advisors’ Anton Schutz on JPMorgan’s second-quarter results and the outlook for the financial sector.

Wells Fargo's second-quarter results missed expecations, with its profit declining year-over-year as the bank continues to try to move past its regulatory problems.

Continue Reading Below

Wells Fargo reported 2Q profit of $0.98 per share, missing the estimate for $1.12. Revenue was $21.6 billion. The estimate was for $21.68 billion.

WFCWELLS FARGO & COMPANY46.03+0.21+0.46%

The quarterly earnings per share included a discrete income tax expense of $0.10 per share.

In April, the bank lowered its first-quarter earnings after paying a $1 billion settlement to regulators over improp charges to car loan and mortgage customers.

The bank had a profit of $1.08 per share in the year ago quarter.

Year ago revenue was $22.2 billion.

In the first quarter, Wells Fargo reported an adjusted profit of $1.12 per share on revenue of $21.9 billion.

Commenting on the latest results, the bank added that the second-quarter 2018 results included $619 million of operating losses primarily related to "non-litigation expense for previously disclosed matters."

Shares reversed course after earnings were released, moving into negative territory.