Wells Fargo beats estimates for Q4 profits despite drop in revenues

Wells Fargo beat estimates on the Street for its fourth quarter earnings.

Adjusted earnings per share for the final three months of 2020 printed at 64 cents, against 60 cents 12 months back and forecasts for EPS of 59 cents.

Total revenues however declined by 10.8% to $17.93bn (consensus: $18.12bn).

Shares of Wells Fargo were trading 3% lower in premarket trading in response to its earnings report.