Wells Fargo (NYSE:WFC) earnings for the banking and financial services company’s fourth quarter of 2019 have WFC stock down on Tuesday. That’s thanks to its diluted earnings per share of 60 cents. This is well below Wall Street’s estimate of $1.12 per share. Revenue of $19.90 billion also doesn’t help by missing analysts’ estimates of $20.14 billion.
Here are some additional highlights from the most recent Wells Fargo earnings report.
- Diluted EPS is down 50.41% from $1.21 in the same period of the year prior.
- Revenue is 5.24% lower than the $21.00 billion reported in the fourth quarter of 2019.
- The Wells Fargo earnings report also includes a net income of $2.87 billion.
- That’s a 52.64% decrease when compared to the company’s net income of $6.06 billion during the same time last year.
Charlie Scharf, President and CEO of Wells Fargo, says this about the WFC stock earnings report.
“Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders. During my first three months at Wells Fargo my primary focus has been on advancing our required regulatory work with a different sense of urgency and resolve, while beginning to develop a path to improve our financial results.”
The Wells Fargo earnings report doesn’t include an outlook for 2020. However, we know what Wall Street is estimating. Analysts are expecting earnings per share of $4.32 on revenue of $80.08 billion for the year.
WFC stock was down 5.25% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.