Company News: Wells Fargo (WFC) reports much-bigger-than-anticipated quarterly loss

Market news

14 July 2020

Company News: Wells Fargo (WFC) reports much-bigger-than-anticipated quarterly loss

Wells Fargo (WFC) reported Q2 FY 2020 loss of $0.66 per share (versus earnings of $1.30 per share in Q2 FY 2019), much worse than analysts’ consensus estimate of -$0.10 per share.

The company’s quarterly revenues amounted to $17.800 bln (-17.5% y/y), missing analysts’ consensus estimate of $18.299 bln.

The company also announced its Board of Directors intends to reduce Q3FY2020 common stock dividend to $0.10/share from $0.51/share prior.

WFC fell to $24.61 (-3.15%) in pre-market trading.

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