Have you been eager to see how Wells Fargo & Company WFC performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this San Francisco-based money center bank’s earnings release this morning:An Earnings BeatWells Fargo came out with earnings per share of 99 cents, beating the Zacks Consensus Estimate by a penny. Higher revenues were primarily responsible for this earnings beat.How Was the Estimate Revision Trend?You should note that the earnings estimate for Wells Fargo depicted pessimism prior to the earnings release. The Zacks Consensus Estimate has moved down around 1% over the last 7 days. However, Wells Fargo has a decent earnings surprise history. Before posting earnings beat in Q1, the company delivered positive surprises in three of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 1.78% in the trailing four quarters.Revenue Came In Lower Than Expected Wells Fargo posted revenues of $22.2 billion, which missed the Zacks Consensus Estimate of $21.6 billion. However, it compared favorably with the year-ago number of $21.3 billion.Key Stats to Note:Pre-tax pre-provision profit (PTPP) : $9.2 billionROA (net income to average assets): 1.21%ROE (net income applicable to common stock to shareholders’ equity): 11.75% What Zacks Rank SaysThe estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Wells Fargo. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.How the Market Reacted So FarFollowing the earnings release, Wells Fargo shares were down more than 1% in the pre-trading session. This is in contrary to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have not considered the results in their favor. However, the full-session’s price movement may indicate a different picture.Check back later for our full write up on this Wells Fargo earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research