Why Shares of Wells Fargo Are Falling Today
Shares of Wells Fargo (NYSE: WFC) traded roughly 4.5% lower as of 12:35 p.m. ET today after the bank reported earnings results for the first quarter of 2022 that disappointed investors.
Wells Fargo reported earnings per share (EPS) of $0.88 on revenue of $17.6 billion. EPS for the quarter beat analyst expectations, while revenue missed by about $200 million.
In the quarter, Wells Fargo also reduced its allowance for credit losses for assets such as loans by about $1.1 billion, which benefited EPS in the quarter by $0.21. Average loans in the quarter grew nearly 3%, driven by commercial loan growth.
Source Fool.com
