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0.0012507817385867 0.00406504065040647 0.00140712945590989 0.0045559724828018 -0.0171982489055659 -0.0540963101938712 -0.0706691682301438 -0.0605065666041275
Stock impact report

Wells Fargo's stock rises, after profit and revenue miss but NII beat [MarketWatch]

Wells Fargo & Company (WFC) 
Last wells fargo & company earnings: 4/14 07:46 am Check Earnings Report
US:NYSE Investor Relations: wellsfargo.com/about/investor-relations
Company Research Source: MarketWatch
Shares of Wells Fargo & Co. rose 2.2% in premarket trading Tuesday, after the bank reported first-quarter profit and revenue that missed expectations, hurt by the effects of the COVID-19 pandemic, while net interest income and margin topped forecasts. Net income fell to $653 million, or 1 cent a share, from $5.86 billion, or $1.20 a share, in the year-ago period. Results were impacted by a $3.1 billion build in reserves for loans and debt securities. The FactSet consensus was for earnings per share of 38 cents. Total revenue fell to $17.72 billion from $21.61 billion, below the FactSet consensus of $19.40 billion. Net interest income declined 8% to $11.31 billion, but beat the FactSet consensus of $10.90 billion, as net interest margin fell to 2.58% from 2.91% but topped expectations of 2.48%. Nonperforming assets totaled $6.4 billion, down 13% from a year ago but up 13.4% from the fourth quarter. Community banking revenue declined 19.2% to $9.50 billion, amid net losses from equity s Show less Read more
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