Wells Fargo (WFC) reported Q1 FY 2020 earnings of $0.01 per share (versus $1.20 per share in Q1 FY 2019), missing analysts' consensus estimate of $0.62 per share.

The company's quarterly revenues amounted to $17.717 bln (-18.0% y/y), missing analysts' consensus estimate of $19.398 bln.

The company noted it included the impact of a reserve build of $3.1 bln, or -$0.56 per share, and an impairment of securities of $950 mln, or -$0.17 per share, driven by economic and market conditions. EPS was also reduced by $0.06 due to the redemption of Series K preferred stock. Without these items, EPS would have been $0.80.

WFC rose to $32.16 (+2.32%) in pre-market trading.