Wells Fargo & Co (NYSE:WFC) stock took a hit today on poor results in its earnings report for the third quarter of 2017.
Wells Fargo & Co reported revenue of $21.92 billion during its third quarter of the year. This is down 2% from its revenue of $22.17 billion that was reported during the same time last year. It also likely hampered WFC stock today by coming in below Wall Street’s revenue estimate of $22.39 billion for the quarter.
During the third quarter of the year, Wells Fargo & Co reported Community Banking revenue of $12.06 billion. This is down 2% from the $12.29 billion in Community Banking revenue from the same period in the year prior.
Wells Fargo & Co notes that revenue for Wholesale Banking in the third quarter of 2017 was $7.09 billion. The company reported Wholesale Banking revenue of $6.95 billion in the third quarter of the previous year.
Wells Fargo & Co’s Wealth and Investment Management division reported revenue of $4.25 billion in the third quarter of the year. Wealth and Investment Management revenue from the third quarter of 2016 was $4.18 billion.
Wells Fargo & Co’s earnings per share for the third quarter of 2017 also didn’t do WFC stock any favors today. The company’s earnings per share for the quarter was 84 cents. This is down from its earnings per share of $1.03 from the same time last year. It also came in below Wall Street’s earnings per share estimate of $1.03 for the quarter.
WFC stock was down 3% as of Friday afternoon and is down 3% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
