Categories AlphaGraphs, Earnings, Finance
Earnings: Wells Fargo (WFC) turns to profit in Q2; results beat estimates
Wells Fargo & Company (NYSE: WFC), a leading investment bank, Wednesday reported a profit for the second quarter of 2021, compared to a loss last year, amid strong revenue growth. The results also exceeded Wall Street’s projection.
Second-quarter profit increased to $6.04 billion or $1.38 per share from a loss of $3.85 billion or $1.01 per share in the same period of last year. Analysts were looking for a smaller bottom-line number for the latest quarter.
At $20.3 billion, revenues were up 11% from the year-ago period and well above the consensus forecast.
Read management/analysts’ comments on Wells Fargo’s Q2 earnings
The bank’s shares closed Tuesday’s session lower, after gaining 55% in the last six months. The stock gained about 1% early Wednesday soon after the earnings announcement.
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