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Mixed quarterly earnings for Wells Fargo

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Miguel A. Rodriguez
Miguel A. Rodriguez
20 January 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

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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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.