Banking giant Wells Fargo (NYSE: WFC) reported lower revenues and earnings for the third quarter of 2020. Revenues beat the Street view, while earnings missed. The bank’s stock declined early Wednesday soon after the announcement.
Net revenues were $18.9 billion in the third quarter, down from $22.0 billion in the year-ago period. The top-line came in above analysts’ forecast. Net interest income decreased 19% annually to $9.4 billion.
Net profit was $2.0 billion or $0.42 per share in the three-month period, down from $4.6 billion or $0.92 per share a year earlier. Analysts were looking for a higher profit.
Wells Fargo’s stock dropped during Wednesday’s pre-market trading, after closing the previous session down 4%.
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