Financial services provider Wells Fargo & Company (NYSE: WFC) Wednesday said its first-quarter 2021 profit increased from last year aided by higher revenues. The results also topped Wall Street’s projection.
At $18.1 billion, first-quarter revenues were up 2% from the year-ago period and slightly above the consensus forecast.
Net income increased to $4.7 billion or $1.05 per share from $653 million or $0.01 per share in the first quarter of 2020. Analysts were looking for slower growth.
Shares of Wells Fargo closed the last trading session lower but made modest gains early Wednesday following the earnings announcement.
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