UPDATE: JPMorgan Posts Upbeat Q4 Profit

J.P. Morgan Chase & Co

reported a 7% drop in its fourth-quarter profit. J.P. Morgan's quarterly profit declined to $5.3 billion, or $1.30 per share, versus a year-ago profit of $5.7 billion, or $1.39 per share. Its adjusted earnings came in at $1.40 per share. Its revenue dropped 1% to $24.1 billion, versus $24.4 billion. However, analysts were projecting earnings of $1.32 per share on revenue of $23.81billion. J.P. Morgan's mortgage originations tumbled 54% y/y to $23.3 billion, while investment banking net income slipped 57%. J.P. Morgan shares gained 0.29% to $57.87 in pre-market trading.