Investing.com – Wells Fargo (NYSE:WFC) reported mixed results Friday that beat on the bottom line, but missed on revenue, sending its shares lower in pre-market trade.
Wells Fargo said earnings per share came in at $1.07 in the second quarter, beating expectations of $1.01 a share.
The bank’s revenue totaled $22.17 billion in the April-to-June quarter, coming in under estimates for revenue of $22.47 billion.
"Second quarter 2017 results demonstrated the benefit of our diversified business model as we continued to generate strong financial results, invest for the future, and adhere to our prudent risk discipline," chief executive officer Tim Sloan said in the press release.
"We continued to make progress this quarter in our efforts to rebuild trust and build a better Wells Fargo and, while there is still more work ahead of us, we are on the right track and I am confident about our future,"he added.
Traders will now turn their attention to the bank’s conference call due to start at 10:00AM ET (14:00GMT).
Following the release of the report, shares in Wells Fargo rose fell 0.99% in pre-market trade to $55.05 by 8:11AM ET (12:11GMT). The bank closed on Thursday with gains of 0.78% at $55.60.
Meanwhile, U.S. equity markets pointed to a flat open. The blue-chip Dow futures was unchanged, the S&P 500 futures edged down 1 point, or 0.05%, while the tech-heavy Nasdaq 100 futures inched forward 1 point, or 0.02%.