Article Hero

Mixed quarterly earnings for Wells Fargo

1610983627.jpg
Miguel A. Rodriguez
Miguel A. Rodriguez
20 Januar 2021
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.

Sources: cnbc.com

disclaimers_articles

article_share_title

article_rating_title

awful
ok
great
awesome

read_more

Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.