UPDATE: J.P. Morgan Posts Upbeat Q1 Profit, Lifts Dividend

J.P. Morgan Chase & Co

reported a drop in its first-quarter profit. J.P. Morgan's quarterly profit declined to $5.38 billion, or $1.31 per share, versus $5.56 billion, or $1.28 per share, in the year-earlier period. Its quarter-end share count fell 4% y/y as it bought back stock. Its revenue climbed 6% to $26.7 billion from $25.2 billion. However, analysts were expecting earnings of $1.16 per share on revenue of $24.4 billion. J.P. Morgan lifted its quarterly dividend to $0.30 per share versus $0.25 per share and authorized a $15 billion stock buyback program. JPM shares gained 0.91% to $45.25 in pre-market trading.