UPDATE: Wells Fargo Posts Upbeat Q1 Profit

Wells Fargo & Co WFC reported a 14% gain in its first-quarter profit. Wells Fargo's quarterly profit climbed to $5.9 billion, or $1.05 per share, versus a year-ago profit of $5.2 billion, or $0.92 per share. Its revenue slipped to $20.6 billion versus $21.26 billion. However, analysts were estimating earnings of $0.97 per share on revenue of $20.6 billion. Wells Fargo shares gained 0.71% to $48.05 in pre-market trading.