Wells Fargo 3Q profit rises to bln but misses estimates

Wells Fargo 3Q profit rises to  bln but misses estimates
FILE- In this May 17, 2018, file photo the logo for Wells Fargo appears above a trading post on the floor of the New York Stock Exchange. Wells Fargo reports earnings Friday, Oct. 12, 2018. (AP Photo/Richard Drew, File)

SAN FRANCISCO (AP) — Wells Fargo & Co. says third-quarter net income rose to .01 billion from .54 billion a year earlier.

The bank, based in San Francisco, says it had earnings per share of .13, compared with 83 cents a year ago.

The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of .17 per share.

The biggest U.S. mortgage lender posted revenue of .73 billion in the period. Its revenue net of interest expense was .94 billion, exceeding Street forecasts, and slightly higher than revenue of .8 billion a year ago. Four analysts surveyed by Zacks expected .9 billion.

Wells Fargo shares have fallen 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 2 percent. The stock has decreased nearly 8 percent in the last 12 months.


Parts of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC