JPMorgan Chase reported record first-quarter results on both the top and bottom line on Friday morning. Shares climbed 2.3% in early trading to $108.68.
Here’s how the results stacked up with Wall Street’s expectations as compiled by Bloomberg.
- Adjusted net income: $9.18 billion versus $7.7 billion expected
- Earnings-per-share: $2.65 versus $2.34 expected
- Revenue: $29.85 billion versus $28.4 billion expected
- Expenses: $16.4 billion versus $16.7 billion expected
“In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses and a more constructive environment,” CEO Jamie Dimon said in the earnings release. “Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”
A deeper look into the numbers showed the trading and investment banking business exceeded expectations, though trading declined 17% from the year earlier:
- FICC sales & trading revenue: $3.73 billion versus $3.67 billion expected
- Equity sales & trading revenue: $1.74 billion versus $1.73 billion expected
- Investment banking revenue: $1.75 billion versus $1.63 billion expected
from Viral Update News http://bit.ly/2X9qmlf
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