Wells Fargo Surpasses Q2 Earnings Expectations

Wells Fargo surpassed Wall Street’s second-quarter expectations, reporting earnings of $1.60 per share on revenue of $20.8 billion. The results exceeded analyst forecasts of $1.41 per share and $20.7 billion in revenue. The bank’s performance was bolstered by a $253 million gain, equivalent to 6 cents per share, from its acquisition of the remaining interest in a merchant services joint venture. Despite the overall beat, net interest income fell 2% year-over-year to $11.7 billion, a decline the company attributed to lower interest rates on floating-rate assets and shifts in its deposit mix.



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