Wells Fargo & Co (NYSE:WFC) stock was down today following the release of its earnings report for the fourth quarter of 2017.
The bad news for Wells Fargo & Co comes from revenue of $22.10 billion in the fourth quarter of 2017. This is up from its revenue of $21.60 billion reported in the fourth quarter of 2016. However, it came in below Wall Street’s revenue estimate of $22.34 billion for the quarter.
Despite the poor revenue report for the quarter, Wells Fargo and Co’s earnings per share were a plus at $1.16. The banking company reported earnings per share of 96 cents during the same time last year. Analysts were looking for WFC to report earnings per share of $1.06 for the period.
Net income reported by Wells Fargo & Co in the fourth quarter of 2017 was $6.2 billion. This is an increase over its net income of $5.3 billion from the same period of the year prior.
During the fourth quarter of the year, Wells Fargo & Co saw an after-tax benefit of $3.35 billion. It also saw a pre-tax gain of $848 million from the sale of Wells Fargo Insurance Services USA. However, the banking company also suffered $3.25 billion in pre-tax expenses due to litigation accruals from a collection of different sources.
For the full year of 2017, Wells Fargo & Co reported earnings per share of $4.10 on revenue of $88.40 billion. Earnings per share and revenue from 2016 were $3.99 and $88.30 billion. Wall Street was estimating earnings per share of $3.98 on revenue of $88.84 billion for the full year of 2017.
WFC stock was down slightly as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.