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Investing.com -- Wells Fargo & Company (NYSE:WFC) reported mixed first quarter results on Friday, beating earnings expectations but falling short on revenue as higher interest rates impacted its business.
The San Francisco-based bank posted adjusted earnings per share of $1.39 for the first quarter, surpassing analyst estimates of $1.23 by $0.16. However, revenue came in at $20.15 billion, below the consensus forecast of $20.75 billion.
Net interest income, a key metric for banks, totaled $11.50 billion for the quarter, missing analyst expectations of $11.81 billion. The shortfall in net interest income likely contributed to the overall revenue miss.
Wells Fargo's commercial banking segment generated revenue of $2.93 billion, while its wealth and investment management division brought in total revenue of $3.87 billion for the quarter.
Wells Fargo's results come as other major U.S. banks begin reporting first quarter earnings, providing insight into how higher interest rates and economic uncertainty are impacting the financial sector.