JPMorgan Earnings: Here’s Why Investors Are Searching for Direction
JPMorgan Chase & Co. (NYSE:JPM) reported double-digit quarterly profit growth and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue estimate miss is not reacting well with shareholders this morning as shares are down 0.99%.
JPMorgan Chase & Co. Earnings Cheat Sheet
Results: Net income increased 52.63% to $5.69 billion ($1.39 per diluted share) in the quarter versus a net gain of $3.73 billion in the year-earlier quarter.
Revenue: Rose 10% to $23.65 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: JPMorgan Chase & Co. reported adjusted net income of $1.39 per share. By that measure, the company beat the mean analyst estimate of $1.16. It missed the average revenue estimate of $24.42 billion.
Quoting Management: “We are committed to doing our part to speed the recovery of the housing market. This includes working with struggling homeowners to modify their loans, or pursue other options to allow them to prevent foreclosure…