Wells Fargo on Wednesday reported second-quarter earnings and revenue results that topped Wall Street’s expectations as it continued to release funds it had set aside during the Covid-19 pandemic to safeguard against widespread loan losses.
Shares of the bank rose 2% shortly after the opening bell following the earnings announcement. Here’s how the second-quarter compared with Wall Street estimates:
- Earnings: $1.38 in earnings per share versus 97 cents a share expected, according to Refinitiv, a sharp reversal from the loss it suffered in the second quarter of 2020
- Revenue: $20.27 billion versus $17.77 billion expected, per Refinitiv estimates, reflecting a 10% increase compared with the…