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Wells Fargo: Q3 Earnings Snapshot

Wells Fargo: Q3 Earnings Snapshot

SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Wells Fargo & Co. (WFC) on Friday reported third-quarter profit of $5.77 billion.

The bank, based in San Francisco, said it had earnings of $1.48 per share. Earnings, adjusted for pretax gains, were $1.39 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.

The biggest U.S. mortgage lender posted revenue of $29.85 billion in the period. Its revenue net of interest expense was $20.86 billion, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $20.21 billion.