Wells Fargo Profit Beats in Q1, But Revenue Miss and Lower Rates Hit Shares
Wells Fargo reported a 7% rise in first-quarter net income to $5.25 billion, beating profit estimates, but missed on revenue and core lending metrics, sending shares lower premarket. Net interest income came in at $12.1 billion, short of forecasts, while noninterest income also missed expectations. Provision for credit losses rose 22% to $1.135 billion. The bank kept its 2026 outlook unchanged.