Financial services giant Wells Fargo (NYSE:WFC) will be announcing earnings results this Tuesday before market hours. Here’s what investors should know.
Wells Fargo missed analysts’ revenue expectations last quarter, reporting revenues of $21.37 billion, up 4.4% year on year. It was a slower quarter for the company, with a slight miss of analysts’ revenue estimates and a slight miss of analysts’ net interest income estimates.
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This quarter, the market is expecting Wells Fargo’s revenue to grow 7.6% year on year, a reversal from the 3.5% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Wells Fargo has missed Wall Street’s revenue estimates multiple times over the last two years.
With Wells Fargo being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for banks stocks. However, there has been positive investor sentiment in the segment, with share prices up 8.5% on average over the last month. Wells Fargo is up 12.7% during the same time .
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