Wells Fargo tops Wall Street 1Q targets, earning $5 billion

By MATT OTT
AP Business Writer

Wells Fargo beat sales and profit targets in the first quarter of the year, a period that saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells earned $5 billion in the period, or $1.23 per share, handily beating analyst projections. Revenue of $20.7 billion also topped Wall Street’s forecast. Like other banks, Wells has benefitted from the Federal Reserve’s aggressive interest rate hikes as the central bank tries to tamp down the highest inflation in four decades. Shares of Wells Fargo jumped 3% in premarket trading.