UPDATE: Wells Fargo Reports Better-Than-Expected Q2 Profit

Wells Fargo & Co WFC reported upbeat profit for the second quarter on Tuesday. Wells Fargo's quarterly profit surged to $3.9 billion, or $0.70 per share, from $3.1 billion, or $0.55 per share, in the year-earlier quarter. Its total revenue dropped to $20.4 billion from $21.4 billion. Analysts were expecting a profit of $0.69 per share on revenue of $20.46 billion. WFC shares gained 1.38% to $27.25 in pre-market trading.