Wells Fargo said Friday that second-quarter profit declined 48% from a year earlier as the bank set aside funds for bad loans and was stung by declines in its equity holdings.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 82 cents adjusted vs 80 cents expected
- Revenue: $17.03 billion vs $17.53 billion expected
Profit of $3.12 billion, or 74 cents per share, fell sharply compared with $6.04 billion, or $1.38, a year earlier, the bank said in a statement.
Excluding the impairment, the bank would have earned 82 cents per share in the quarter, edging out the 80 cents per share estimate from analysts…