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Wells Fargo shoots to higher profit, revenue


February 20. 2013 1:41AM
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(AP) Wells Fargo, the country's biggest mortgage lender, says it earned a record $4.9 billion in the fourth quarter, up 25 percent from the same period a year before.


Revenue rose 7 percent, to $21.9 billion, beating the $21.3 billion expected by analysts polled by FactSet.


Measured per share, earnings were 91 cents, which also beat analysts' expectations of 87 cents.


The stock fell 40 cents, about 1 percent, to $35 in pre-market trading.


Associated Press


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