Why Wells Fargo Stock Dropped Today
Shares of Wells Fargo (NYSE: WFC) fell 4.6% on Tuesday, following the release of the financial services company's second-quarter results.
Wells Fargo's Q2 report was underwhelming, to say the least. The bank's revenue plunged 18%, to $17.8 billion, in part because of losses related to the coronavirus pandemic. That fell short of Wall Street's expectations. Analysts had expected revenue of $18.4 billion.
The COVID-19 crisis and corresponding economic downturn are weighing heavily on Wells Fargo's business. Image source: Getty Images.
Source Fool.com
