Wells Fargo Q3 Earnings Beat Expectations, Revenue Falls Short

Wells Fargo reported lower earnings and revenue in the third quarter than last year, with a notable decline in net interest income. Wells Fargo's earnings per share exceeded expectations, while its revenue fell slightly short of estimates. The bank’s net interest income, a critical indicator of lending profitability, fell by 11%, largely due to higher funding costs as customers moved toward higher-yield deposit products. Wells Fargo also repurchased $3.5 billion in common stock, adding to its total $15 billion buyback for the year. Shares rose 3% in premarket trading after the results and have gained 17% year-to-date.