Wells Fargo (WFC): Q3 EPS rises 13% to $1.87 but revenue lands below estimates
Wells Fargo earned $5.95B, or $1.87 a share, in Q3, up from $1.66 a year ago. It bought back $2.5B of stock and ROTCE rose to 16.3%. Loans and deposits grew about 11%, but revenue of $21.87B reportedly came in below forecasts.
Why it matters Wells Fargo is one of the big four US banks, so its numbers show how lending and deposits are holding up. Steady profit growth and buybacks are positive, but a revenue miss shows the market wanted more.
What we verified Wells Fargo's 8-K confirms net income of $5,951M, diluted EPS of $1.87 versus $1.66, revenue of $21,870M, ROTCE of 16.3% and $2.5B of buybacks. AP (Zacks data) confirms EPS beat the $1.85 average and revenue missed; the exact revenue consensus varies by source.
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