5 Stocks Making Headlines After Releasing Their Financial Results

2. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders: 94

Shares of Wells Fargo & Company (NYSE:WFC) turned red in the pre-market trading session on Thursday, April 14, 2022, after its first-quarter revenue fell short of estimates. The California-based bank generated revenue of $17.59 billion in the quarter, missing the consensus of $17.8 billion.

On the positive side, Wells Fargo & Company (NYSE:WFC) reported earnings of 88 cents per share, topping expectations of 80 cents per share. In addition, the net interest income of $9.2 billion rose five percent on a year-over-year basis and matched the consensus forecast. Moreover, average loans increased three percent versus last year to $898 billion in the quarter.

Discussing the results, CEO of Wells Fargo & Company (NYSE:WFC), Charlie Scharf, said in a statement:

“Our internal indicators continue to point towards the strength of our customers’ financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth. In addition, the war in Ukraine adds additional risk to the downside. Wells Fargo is positioned well to provide support for our clients in a slowing economy.”