SILVER SPRING, Md. (AP) – Wells Fargo had its most profitable quarter in two years, easily beating Wall Street estimates as the global economy continues to improve rapidly in the wake of the virus pandemic.
Wells earned $ 6 billion during the period, or $ 1.38 per share, easily beating analysts’ forecasts of 98 cents per share. Revenue was also well above forecast, with the bank raising $ 20.27 billion in the quarter. Analysts had expected revenue of $ 17.76 billion, according to FactSet. The company lost $ 1.01 per share during the same period last year as the coronavirus pandemic ravaged the global economy.