Wells Fargo & Company (NYSE:WFC) revealed its third quarter earnings results on Wednesday 14th October 2020 before market open.
Wells Fargo & Company revealed quarterly income of $ 0.42 per share, from the revenue of $ 18,862.00 million
The consensus estimate are $ 0.45 income per share from revenues of $ 17968.10 million.
The third quarter financial report outlined, earnings missed street analysts by $ 0.03 or 6.67 percent, where as revenues outshined analysts estimates by $ 893.90 million or 4.97 percent.
On the other hand, The quarterly earnings declined 54.35 percent compared with the same quarter last year, at the same time revenues decreased 14.30 percent versus third quarter of last year.
Chief Executive Officer Charlie Scharf said, Our third quarter results reflect the impact of aggressive monetary and fiscal stimulus on the US economy. Strong mortgage banking fees, higher equity markets, and declining sequential charge-offs positively impacted our results, while historically low interest rates reduced our net interest income and our expenses continued to remain elevated. We continue to provide support for our customers having helped more than 3.2 million consumers and small businesses by deferring payments and waiving fees.
