Originally published at www.seclive.com
Wells Fargo & Company (NYSE:WFC) announced its financial results for the third quarter of fiscal year 2013, reporting earnings that increased 13%. The nation's largest home lender reported revenues that shrunk slightly from $21.4B a year ago to $20.5B, slightly lower than analyst expectations. Despite missing revenue expectations the company reported net income of $5.6B with earnings per share of $0.99, beating analyst expectations of $0.97 per share and also last year's quarterly earnings of $4.9B, or $0.88 per share. This quarter marks the 15th consecutive quarter of increased quarterly profits, helped in part this quarter with a $900M release in its reserves. It is expected that Wells Fargo will likely see decreases in revenue and earnings as mortgage applications and originations have dramatically dropped, due to rising interest rates.
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