Wells Fargo Stock Rises on Strong Q3 Earnings Beat
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BTCCSquare news:
Wells Fargo shares surged over 8% this week after the bank reported third-quarter results that exceeded analyst expectations. Revenue climbed 5% year-over-year to $21.4 billion, while GAAP net income jumped 9% to $5.6 billion. The performance was driven by growth in fee-based income across both commercial and consumer segments, along with increased vehicle loan originations and wealth management assets.
The bank's earnings per share of $1.66 comfortably surpassed the $1.55 consensus estimate. While average loans grew modestly to $929 billion, deposits saw a slight decline to $1.34 trillion. Wells Fargo's results demonstrate the resilience of diversified revenue streams in challenging economic conditions.
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