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Wells Fargo signage on May 5th, 2021 in New York City.
Bill Tompkins | Michael Ochs Archives | Getty Images
Wells Fargo on Thursday reported lower-than-expected first-quarter revenue amid a drop in mortgage lending, but beat earnings expectations as the bank decreased its credit reserves.
The company’s shares fell about 3.5%.
Here are the numbers:
- Earnings: 88 cents a share, vs. 80 cents estimate from Refinitiv.
- Revenue: $17.59 billion, vs. $17.8 billion estimate.
Profit dropped 20.8% from a year ago to $3.67 billion in the first quarter, Wells Fargo reported.
Slowing mortgage demand weighed on results as the Federal Reserve hikes interest rates to fight inflation, sending mortgage rates higher….
Source cnbc.com
