Wells Fargo Reports Mixed Bag of Results for Second Quarter

Wells Fargo (NYSE: WFC) reported second-quarter earnings this morning that beat analyst estimates on the bottom line, but came up short on the top line. The bank's shares are down more than 1% on the news in intraday trading.

If you look at Wells Fargo's bottom line, you may be surprised by the market's reaction. For the three months ended June 30, the California-based bank earned $1.07 per share. That was up from $1.01 in the year-ago quarter, and also came in above the $1.01 per-share consensus estimate among analysts.

"Second quarter 2017 results demonstrated the benefit of our diversified business model as we continued to generate strong financial results, invest for the future, and adhere to our prudent risk discipline," said CEO Tim Sloan in prepared remarks. "We remain committed to reducing expenses and improving the efficiency of our company, and we are very focused on our recently announced goals."

Source: Fool.com