UPDATE: J.P. Morgan Posts Q3 Loss
J.P. Morgan Chase (NYSE: JPM) reported a loss in the third quarter.
J.P. Morgan posted a quarterly loss of $400 million, or $0.17 per share, versus a year-ago profit of $5.7 billion, or $1.40 per share. Excluding charges, it earned $1.42 per share in the recent period.
Its revenue on a managed basis declined 7.7% to $23.88 billion. However, analysts were estimating earnings of $1.17 per share on revenue of $23.94 billion.
J.P. Morgan's commercial banking profit declined 3.6% y/y to $665 million, while mortgage banking profit rose 13% to $705 million.
J.P. Morgan shares gained 2.65% to $53.91 in pre-market trading.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.