Wells Fargo Stock Slips After Profit Beat But Revenue Miss

Wells Fargo & Co. on Friday reported net income of $5.8 billion, up 5% compared to a year ago, or $1.07 per share, an increase of 6%. That beat the FactSet consensus of $1.01. Revenue of $22.2 billion was unchanged compared to a year earlier, below the FactSet consensus estimate of $22.5 billion. Revenues from mortgage lending were down during the quarter. Chief Executive Tim Sloan acknowledged the bank's recent scandals in a release, saying "We continued to make progress this quarter in our efforts to rebuild trust and build a better Wells Fargo and, while there is still more work ahead of us, we are on the right track and I am confident about our future." The stock was down 0.8% in pre-market trading.