Wells Fargo Profit Rises 20%: Ahead of the Ticker

NEW YORK ( TheStreet) -- Wells Fargo ( WFC) reported a 20% rise in quarterly profit on Friday, beating expectations.

The biggest U.S. mortgage lender reported net income that rose to $5.5 billion, or 98 cents a share, in the second quarter, from $4.6 billion, or 82 cents a share, in the same quarter a year ago.

Analysts had expected earnings of 93 cents a share, according to Thomson Reuters.

Even as the mortgage market slowed in light of rising interest rates, the results marked the 14th quarter in a row where the lender recorded a rise in profit.

The company also reported better-than-expected revenue of $21.4 billion. The results were largely boosted by growth across its deposit business, as well as the overall improving economy.

In other news, Microsoft ( MSFT) is reportedly planning to cut the price of its Surface RT tablets.

Microsoft is said to be planning to slash the price of its Surface RT 32GB tablet to $349 from $456. According to speculation, the price cut will take place on July 14.

The company has experienced slow sales of the tablet, and even attempted to boost sales through an educational program that would sell the Surface RT to schools for $199.

The $150 price cut is expected to hit all models of the Surface RT.

Lastly, Ford ( F) is slashing prices as well, cutting the cost of its Focus electric car by $4,000.

The price cut will be on 2014 models that will be hitting dealership showrooms within the next few weeks. Ford said the vehicles will still be equipped with all the same features, despite the lower cost, and that it was making the change in order to stay competitive.

Other automakers have made similar price cuts on their electric vehicles. Nissan cut the base price for its Leaf electric car by $6,400 earlier this year.

The Focus EV's base price will now be $35,995.

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-- Written by Brittany Umar.
Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.