Wells Fargo: 2Q Earnings Snapshot

SAN FRANCISCO (AP) _ Wells Fargo & Co. (WFC) on Friday reported second-quarter earnings of $5.19 billion.

The bank, based in San Francisco, said it had earnings of 98 cents per share. Earnings, adjusted for pretax expenses, came to $1.08 per share.

The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.

The biggest U.S. mortgage lender posted revenue of $25.03 billion in the period. Its revenue net of interest income was $21.55 billion, exceeding Street forecasts. Four analysts surveyed by Zacks expected $21.52 billion.

Advertisement

Wells Fargo shares have dropped almost 8 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent. The stock has climbed almost 2 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC