SAN FRANCISCO _ Wells Fargo & Co. (WFC) on Friday reported third-quarter net income of $6.01 billion.
The bank, based in San Francisco, said it had earnings of $1.13 per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.
The biggest U.S. mortgage lender posted revenue of $25.73 billion in the period. Its revenue net of interest expense was $21.94 billion, exceeding Street forecasts. Four analysts surveyed by Zacks expected $21.9 billion.
Wells Fargo shares have fallen 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 2 percent. The stock has decreased nearly 8 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC