Wells Fargo 3Q profit rises to $6 bln but misses estimates

FILE- In this May 17, 2018, file photo the logo for Wells Fargo appears above a trading post on the floor of the New York Stock Exchange. Wells Fargo

FILE- In this May 17, 2018, file photo the logo for Wells Fargo appears above a trading post on the floor of the New York Stock Exchange. Wells Fargo

SAN FRANCISCO (AP) — Wells Fargo & Co. says third-quarter net income rose to $6.01 billion from $4.54 billion a year earlier.

The bank, based in San Francisco, says it had earnings per share of $1.13, compared with 83 cents a year ago.

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, and slightly higher than revenue of $21.8 billion a year ago. 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.

_____

Parts of this story were 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