Why Wells Fargo Got Slammed on Wednesday
The most troubled of the "big four" U.S. banks, Wells Fargo (NYSE: WFC), released its Q3 of fiscal 2020 results on Wednesday. These didn't exactly impress investors, who traded the stock down by more than 6% on the day.
Wells Fargo posted a mixed quarter. Its total revenue of $18.86 billion was down by 14% on a year-over-year basis, but it handily beat the average analyst estimate of $17.98 billion. The company's net income of nearly $2.04 billion ($0.42 per diluted share) represented a 56% decline, missing the prognosticators' collective projection of $0.45.
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Source Fool.com
