Wells Fargo: quarterly EPS well below expectations
(CercleFinance.com) - On Tuesday, Wells Fargo announced net profit of 653 million dollars for the first three months of the year, against 5.
86 billion a year ago.
Down 99% to just one cent, EPS fell 56 cents below the consensus. It too collapsed compared to the same period in 2018 (1.20 dollar). However, EPS (like net income) includes an impact of 73 cents per share, resulting from the creation of a reserve and a depreciation of securities, the bank said.
The financial institution from San Francisco also saw its revenues fall, down 18% to 17.7 billion dollars.
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