Wells Fargo & Co., while bruised by California's slumping housing market, increased revenue by capitalizing on recent acquisitions in its insurance business and growing demand in the agriculture sector to beat analysts' second-quarter earnings expectations.

The San Francisco company reported this morning that net income fell 23% from a year earlier, to $1.75 billion, or 53 cents a share. But it beat the consensus forecast of analysts polled by Thomson Reuters by 3 cents a share, crediting a 16% jump in revenue, to $11.5 billion, driven in large part by its fast-growing insurance division.

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