Wells Fargo net income falls slightly from a year earlier; earnings beat analysts' estimates

MarketsAssociated Press

Wells Fargo, the third-biggest U.S. bank by assets, said its first-quarter earnings fell slightly from the same period a year earlier.

Net income for the January-to-March period fell to $5.5 billion, or $1.04 a share, compared with $5.6 billion, or $1.05 a share. Revenue climbed to $21.3 billion from $20.6 billion a year earlier.

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The earnings beat analysts' expectations of 98 cents a share. Revenue was in line with estimates of $21.3 billion.

Shares in Wells Fargo fell 69 cents, or 1.2 percent, to $53.91 in pre-market trading. Wells Fargo's stock has been flat this year. That's worse than the Standard & Poor's 500 index's gain of 1.6 percent over the same stretch.