Wells Fargo Drops More Than 4% As Q4 Revenue Declines Below View

(RTTNews) - Shares of Wells Fargo & Company (WFC) are falling more than 4% Friday morning after the company reported lower revenue in the fourth quarter, below analysts' view.

Quarterly revenue declined to $19.66 billion from $20.856 billion last year. The consensus estimate of 17 analysts polled by Thomson-Reuters stood at $19.98 billion.

Net interest income rose to $13.433 billion from $9.262 billion a year ago, but non-interest income declined to 6.227 billion from $11.594 billion last year.

Profit in the fourth quarter declined to $2.864 billion or $0.67 per share from $5.75 billion or $1.38 per share in the same quarter a year ago. Analysts were expecting earnings of $0.66 per share.

WFC, currently at $41.05, has traded in the range of $36.54- $60.30 in the last 1 year.