SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Wells Fargo & Co. (WFC) on Wednesday reported fourth-quarter earnings of $5.36 billion.
The San Francisco-based company said it had earnings of $1.62 per share. Earnings, adjusted for severance costs, came to $1.76 per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.66 per share.
The biggest U.S. mortgage lender posted revenue of $31.56 billion in the period. Its revenue net of interest expense was $21.29 billion, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $21.6 billion.
For the year, the company reported profit of $21.34 billion, or $6.26 per share. Revenue was reported as $83.7 billion.
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