Wells Fargo earnings for the company’s first quarter of the year have WFC stock down on Friday.
The bad news for Wells Fargo (NYSE:WFC) stock has to do with its outlook for 2019. The company says that it is now expecting net interest income for the year to be down 2% to 5% when compared to 2018.
The new net interest income guidance for 2019 is below the company’s previous expectations. This had it expecting net interest income for the year to range from a 2% decline to a 2% increase, reports Reuters.
The rest of the earnings report for the first quarter of 2019 wasn’t near as negative. Instead, it includes earnings per share of $1.20. That’s up from earnings per share of 96 cents during the same time last year. It also comes in well above Wall Street’s earnings per share estimate of $1.09, but couldn’t stop WFC stock from falling.
Net income reported in the Wells Fargo earnings release for the first quarter of the year comes in at $5.86 billion. This is an increase over the company’s net income of $5.14 billion reported in the first quarter of 2018.
The Wells Fargo earnings report for the first quarter of 2019 also sees revenue coming in at $21.60 billion. This is a drop from its revenue of $21.90 billion reported in the same period of the year prior. Despite this, it still comes in above analysts’ revenue estimate of $21.01 billion for the period, but that wasn’t able to stop WFC stock from dropping today.
WFC stock was down 2% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.