JPMorgan Chase & Co JPM shares are trading lower by 3.00% to $108.55 Thursday morning after the company reported worse-than-expected second-quarter EPS and sales results.
JPMorgan Chase reported quarterly earnings of $2.76 per share which missed the analyst consensus estimate of $2.91. The company also reported quarterly sales of $31.63 billion which missed the analyst consensus estimate of $31.95 billion by 1%.
Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase performed well in the second quarter as we earned $8.6 billion in net income on revenue of $30.7 billion and an ROTCE of 17%, with growth across the lines of business, while maintaining credit discipline and a fortress balance sheet.”
Dimon also added: “In Consumer & Community Banking, combined debit and credit card spend was up 15% with travel and dining spend remaining robust. Card loans were up 16% with continued strong new account originations. In the Corporate & Investment Bank, we generated strong Markets revenue, up 15% as we helped clients navigate volatile market conditions."
JPMorgan Chase is one of the largest financial institutions in the United States.
According to data from Benzinga Pro, JPMorgan Chase has a 52-week high of $172.96 and a 52-week low of $109.30.
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