Its shares slumped after most figures fell short of the mark
In the past quarter, Wells Fargo reported an EPS of 64 cents per share, which was higher than the 60 cents/ share consensus.
On the other hand, both the revenues and the net interest income came below expectations. Revenue-wise, the market was looking for $18.12 billion, but the figures came in at $17.93 billion.
“Although our financial performance improved and we earned $3.0 billion in the fourth quarter, our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us,” CEO Charlie Scharf stated.
Following the news, Wells Fargo stock price fell 7.80%. During the last quarter of 2020, its stock price added more than 28% as the rollout of COVID-19 vaccines and the stimulus package raised hope for an economic recovery.
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.