J.P. Morgan Chase misses profit, revenue expectations
Shares of J.P. Morgan Chase & Co. rose 1.8% in premarket trading, after the banking giant reported first-quarter profit and revenue that missed expectations, hurt by the COVID-19 pandemic, but beat on net interest income and saw strong growth in equity and fixed income markets revenue. Net income fell to $2.87 billion, or 78 cents a share, from $9.18 billion, or $2.65 a share, in the year-ago period. The FactSet consensus was for earnings per share of $2.18. Total revenue fell to $29.07 billion from $29.85 billion, below the FactSet consensus of $29.55 billion, while net interest income was flat at $14.5 billion to beat expectations of $14.0 billion. Consumer and community banking revenue fell 2.4% to $13.17 billion, below the FactSet consensus of $13.75 billion and corporate and investment bank revenue declined 0.9% to $9.95 billion, missing expectations of $10.29 billion. Within C&I, equity markets revenue jumped 28% to $2.2 billion and fixed income revenue grew 34% to $5.0 billion. "he first quarter delivered some unprecedented challenges and required us to focus on what we as a bank could do - outside of our ordinary course of business - to remain strong, resilient and well-positioned to support all of our stakeholders," said Chief Executive Jaime Dimon. The stock has lost 29.3% over the past three months, while the Dow Jones Industrial Average has declined 19.2%.
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