Wells Fargo (WFC)🧔 shares rose ꦏroughly 6% Friday morning after the bank reported better-than-expected third-quarter revenue and profit.

The lender reported $5.11 billion in 澳洲幸运5官方开奖结果体彩网:net income for the quarter, down from $5.77 billion last year but nearly half a billion dollars better than analysts had expected, according to consensus estimates compiled by Visible Alpha.

Wells Fargo's revenue also was down year-over-year at $20.37 billion but came in slightly above estimates. 澳洲幸运5官方开奖结果体彩网:Net interest income (NII) fell more than analysts expཧected to $11.69 billiౠon.

Bank Earnings Season Gets Under Way

In addition to Wells Fargo, JPMorgan Chase (JPM) 澳洲幸运5官方开奖结果体彩网:reported earnings Friday, with a number of competitors like Bank of America (BAC) and Goldman Sachs (GS) set to follow next week. Investors will be looking to see how the banks plan to adjust after the 澳洲幸运5官方开奖结果体彩网:Federal Reserve last month 澳洲幸运5官方开奖结果体彩网:cut interest rates for the first time since 2020.

Shares of Wells Fargo were up nearly 6% to $61.14 Friday morning. They have gained nearly 25% t♏his year.