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Wells Fargo & Co (NYSE: WFC ) stock was down today following the release of its earnings report for the fourth quarter of 2017.
Source: Mike Mozart via Flickr (Modified)
The bad news for Wells Fargo & Co comes from revenue of $22.10 billion in the fourth quarter of 2017. This is up from its revenue of $21.60 billion reported in the fourth quarter of 2016. However, it came in below Wall Street's revenue estimate of $22.34 billion for the quarter.
Despite the poor revenue report for the quarter, Wells Fargo and Co's earnings per share were a plus at $1.16. The banking company reported earnings per share of 96 cents during the same time last year. Analysts were looking for WFC to report earnings per share of $1.06 for the period.
Net income reported by Wells Fargo & Co in the fourth quarter of 2017 was $6.2 billion . This is an increase over its net income of $5.3 billion from the same period of the year prior.
During the fourth quarter of the year, Wells Fargo & Co saw an after-tax benefit of $3.35 billion. It also saw a pre-tax gain of $848 million from the sale of Wells Fargo Insurance Services USA. However, the banking company also suffered $3.25 billion in pre-tax expenses due to litigation accruals from a collection of different sources.
For the full year of 2017, Wells Fargo & Co reported earnings per share of $4.10 on revenue of $88.40 billion. Earnings per share and revenue from 2016 were $3.99 and $88.30 billion. Wall Street was estimating earnings per share of $3.98 on revenue of $88.84 billion for the full year of 2017.
WFC stock was down slightly as of noon Friday.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
The post Wells Fargo & Co Stock Dips on Q4 Earnings Miss appeared first on InvestorPlace .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
