JPMorgan Chase’s Q2 Profit and Revenue Fall (JPM)
Financial services giant JPMorgan Chase & Co. (JPM) on Friday posted lower second quarter earnings results, but its numbers still beat Wall Street’s expectations.
The New York-based company reported second quarter net income of $4.96 billion, or $1.21 per share, compared with $5.43 billion, or $1.27 per share, in the year-ago period.
Revenue plunged 17% from last year to $22.18 billion.
On average, Wall Street analysts expected a much smaller profit of 72 cents per share, on lower revenue of $21.90 billion. It wasn’t immediately clear whether analysts’ estimates were comparable to JPM’s as-reported numbers.
CEO Jamie Dimon, addressing recent chief investing officer (CIO) concerns, commented, “CIO will no longer trade a synthetic credit portfolio and will focus on its core mandate of conservatively investing excess deposits to earn a fair return.”
JPMorgan Chase shares posted modest gains in premarket trading Friday.
The Bottom Line
Shares of JP Morgan (JPM) have a 3.53% dividend yield, based on last night’s closing stock price of $34.04. The stock has technical support in the $29-$31 price area. If the shares can firm up, we see overhead resistance around the $36-$38 price levels.
JPMorgan Chase & Co. (JPM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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