Wells Fargo shoots to higher profit, revenue

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Associated Press

Posted on January 11, 2013 at 7:01 AM

NEW YORK (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.

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