Wells Fargo & Co (NYSE:WFC) shares are trading lower Thursday morning after the company announced worse-than-expected top-line results.
Wells Fargo reported first-quarter revenue of $17.59 billion, which came in below the $17.81 billion estimate. The company reported quarterly earnings of 88 cents per share, which beat the estimate of 81 cents per share.
Net interest income increased 5% year-over-year, primarily driven by lower mortgage-backed securities premium amortization, a decrease in long-term debt and higher loan balances. However, noninterest income decreased 14% year-over-year as a result of lower mortgage banking income.
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Wells Fargo will hold a conference call to discuss these results at 10 a.m. ET on Thursday.
WFC Price Action: Wells Fargo has traded between $39.06 and $60.30 over a 52-week period.
According to data from Benzinga Pro, the stock was down 4.59% at $46.31 at time of publication.
Photo: courtesy of Wells Fargo.
