Wells Fargo & Co Reveals Retreat In Q3 Profit, But Beats Estimates

(RTTNews) - Wells Fargo & Co (WFC) revealed a profit for third quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line totaled $5.114 billion, or $1.42 per share. This compares with $5.767 billion, or $1.48 per share, in last year's third quarter.

Analysts on average had expected the company to earn $1.28 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.4% to $20.366 billion from $20.857 billion last year.

Wells Fargo & Co earnings at a glance (GAAP) :

-Earnings (Q3): $5.114 Bln. vs. $5.767 Bln. last year. -EPS (Q3): $1.42 vs. $1.48 last year. -Revenue (Q3): $20.366 Bln vs. $20.857 Bln last year.