Wells Fargo Profit Beats in Q1, But Revenue Miss and Lower Rates Hit Shares
Wells Fargo turned in a stronger profit for the first quarter on Tuesday—net income climbed 7% to $5.25 billion, or $1.60 a share, topping expectations. Still, a softer showing on revenue and lackluster core lending metrics took the edge off. Revenue landed at $21.45 billion, and net interest income was $12.1 billion, both falling short of some Wall Street calls. The stock slipped premarket.
