2024-01-12 07:11:35 ET
Wells Fargo & Co (NYSE: WFC), on January 12 th , reported a 9.0% increase in its fourth-quarter net income on the back of a 17% jump in noninterest income.
Why is Wells Fargo stock trending down?
The financial services behemoth saw its net income come in at $3.44 billion – down 40% versus the previous quarter. On a per-share basis, Wells Fargo earned 86 cents in its Q4. Charlie Scharf – its chief executive said in a press release today:
While the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly.
At $20.47 billion, revenue of the New York listed firm printed up 2.2% versus a year ago but down nearly 2.0% versus the third quarter. Consensus was for Wells Fargo to earn 86 cents a share on $20.30 billion in revenue.
Shares of Wells Fargo & Co are trading slightly down in premarket following the earnings print on Friday.
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