SAN FRANCISCO (AP) _ Wells Fargo & Co. (WFC) on Tuesday reported fourth-quarter earnings of $2.87 billion.

The bank, based in San Francisco, said it had earnings of 60 cents per share. Earnings, adjusted for non-recurring costs, came to 93 cents per share.

The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.

The biggest U.S. mortgage lender posted revenue of $24.26 billion in the period. Its revenue net of interest expense was $19.86 billion, topping Street forecasts. Four analysts surveyed by Zacks expected $19.81 billion.

Wells Fargo shares have dropped 3% since the beginning of the year, while the Standard & Poor's 500 index has risen 31%. The stock has risen roughly 9% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC

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