Wells Fargo beats 1Q profit forecasts

SAN FRANCISCO (AP) _ Wells Fargo & Co. (WFC) on Thursday reported first-quarter net income of $5.46 billion.

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The San Francisco-based bank said it had earnings of $1 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 97 cents per share.

The biggest U.S. mortgage lender posted revenue of $23.93 billion in the period. Its adjusted revenue was $22 billion, falling short of Street forecasts. Six analysts surveyed by Zacks expected $22.13 billion.

Wells Fargo shares have fallen almost 4 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 5 percent. The stock has climbed 11 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC

Keywords: Wells Fargo, Earnings Report, Priority Earnings