Wells Fargo Q1 Earnings Top Estimates, But Revenues Miss - Update

Wells Fargo

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(RTTNews) - Financial services company Wells Fargo & Co. (WFC) reported Friday net income for the first quarter that decreased to $4.89 billion or $1.39 per share from $4.62 billion or $1.20 per share in the prior-year quarter.

On average, 17 analysts polled expected the company to report earnings of $1.23 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $932 million, compared to last year's $938 million.

Total revenue for the quarter declined 3 percent to $20.15 billion from $20.86 billion in the same quarter last year. The Street expected revenues of $20.76 billion for the quarter.

Net interest income was $11.50 billion, down 6 percent from $12.23 billion last year, while non-interest income edged up to $8.65 billion from $8.64 billion a year ago. Noninterest expense was $13.89 billion, down 3 percent from $14.34 billion last year.

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