Wells Fargo Sees Revenue Slip But It Still Beats Expectations


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NEW YORK (TheStreet) -- Wells Fargo reported quarterly earnings that met expectations. Revenue slipped but it still beat Wall Street estimates.

VIDEO TRANSCRIPT:

Wells Fargo (WFC) kicked off the big banks' earnings season by reporting quarterly earnings that met expectations with revenue that beat Wall Street forecasts. 

Wells Fargo reported earnings of $1.01 a share, up from 98 cents a share a year ago. Revenue was nearly $21.1 billion, down 1.5% from a year ago but ahead of analysts' expectations for revenue of $20.8 billion. 

The largest U.S. mortgage lender saw a weaker spring selling season than last year, but provided $47 billion in home loans during the quarter, up from the $36 billion i the prior quarter.

At last check, shares of Wells Fargo were slipping almost 1% to $51.38.

In a note, Bank of America Merrill Lynch research analysts said that while there was plenty to like in Wells Fargo's quarter, the market may pressure the stock given its superior year-to-date outperformance. That said, the analysts recommend long-term investors take advantage of any weakness, maintaining their Buy rating on the stock.

In New York, I'm Brittany Umar for TheStreet.

-- Written by Brittany Umar in New York.

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