SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Wells Fargo & Co. (WFC) on Tuesday reported first-quarter profit of $5.25 billion.
The San Francisco-based company said it had earnings of $1.60 per share. Earnings, adjusted for pretax gains, came to $1.56 per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.58 per share.
The biggest U.S. mortgage lender posted revenue of $31.8 billion in the period. Its revenue net of interest expense was $21.45 billion, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $21.73 billion.
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