Key TakeawaysThe S&P 500 added 0.6% on Friday, July 12, 2024, as the tech sector rebounded and earnings season kicked into gear with reports from numerous banking giants.Enphase Energy shares shined as the firm launched new solar equipment that can help U.S. customers qualify for federal tax credits.Shares of Wells Fargo tumbled after the bank reported a decline in net interest income. After briefly hitting the pause button on the market rally on Thursday, major U.S. equities indexes roared back on Friday. ...

Wells Fargo & Company (NYSE:WFC) Q2 2024 Earnings Conference Call July 12, 2024 10:00 AM ET Company Participants John Campbell - Director of IR Charlie Scharf - CEO Mike Santomassimo - CFO Conference Call Participants Ken Usdin - Jefferies John Pancari - Evercore ISI Ebrahim Poonawala - Bank of America Erika Najarian - UBS Matt O'Connor - Deutsche Bank Betsy Graseck - Morgan Stanley Gerard Cassidy - RBC Capital Markets Steven Chubak - Wolfe Research Operator Welcome, and thank you for joining the Wells Farg ...

Banks today are caught between an ongoing digital shift and a challenging macro environment.With the release of Wells Fargo’s second quarter 2024 earnings on Friday (July 12), deftly navigating the two, as well as staying on top of compliance and risk management, was revealed to be top of mind for financial institutions and their leadership.“Our efforts to transform Wells Fargo were reflected in our second quarter financial performance,” said the banks’ Chief Executive Officer Charlie Scharf on Friday’s ear ...

The quarter was fine, but the guidance failed to impress.Banking giant Wells Fargo (WFC -5.70%) reported earnings results today, surpassing quarterly expectations, but its full-year guidance underwhelmed. Investors are viewing the glass as half-empty, sending Wells Fargo shares down 7% as of 11 a.m. ET.High rates are causing headachesWells Fargo has done a good job rebounding after a difficult period, but the higher-for-longer interest rate cycle has weighed heavily on banks this year. Wells Fargo reported ...

Shares of Wells Fargo & Company (WFC) lost 5% in the pre-market session as investors expressed concern regarding the decline in the loan balance. Its second-quarter 2024 earnings per share of $1.33 surpassed the Zacks Consensus Estimate of $1.27. In the prior-year quarter, the company reported earnings per share of $1.25.Results benefited from higher non-interest income. An improvement in capital ratios and a decline in provisions were other positives. However, the decrease in net interest income (NII), as ...

Wells Fargo (WFC) reported $20.69 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 0.8%. EPS of $1.33 for the same period compares to $1.25 a year ago.The reported revenue represents a surprise of +2.05% over the Zacks Consensus Estimate of $20.27 billion. With the consensus EPS estimate being $1.27, the EPS surprise was +4.72%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street e ...

KEY TAKEAWAYSWells Fargo shares sank Friday after the lender reported a slump in second-quarter net interest income that offset higher-than-forecast results.Net interest income, a key measure of lending profitability, fell about 9% year-over-year to $11.9 billion during the three months ended June 30. The slump in net interest income overshadowed results that beat Wall Street analysts' estimates. Wells Fargo (WFC) shares sank Friday after the lender reported a slump in second-quarter net interest income tha ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Wells Fargo (WFC) came out with quarterly earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.27 per share. This compares to earnings of $1.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.72%. A quarter ago, it was expected that this biggest U.S. mortgage lender would post earnings of $1.10 per share when it actually produced earnings of $1.26, delivering a surprise of 14.55%.Over the last four quarter ...

Wells Fargo bank signage is seen on Broadway on April 12, 2024 in New York City.Wells Fargo on Friday reported a 9% decline in net interest income, even though its second-quarter earnings and revenue exceeded Wall Street expectations.Here's what the bank did compared to Wall Street estimates, based on a survey of analysts by LSEG:Earnings per share: $1.33 versus $1.29 cents expectedRevenue: $20.69 billion versus $20.29 billion expectedThe San Francisco-based bank recorded $11.92 billion in net interest inco ...