JPMorgan Chase & Co. JPM, -1.10% shares dropped 1.3% in premarket trades on Wednesday after the bank reported lower first-quarter profit that missed Wall Street's estimate. The bank also warned about economic challenges on the horizon. JPMorgan, which is a component of the Dow Jones Industrial Average DJIA, -0.26%, said its first-quarter earnings fell to $8.28 billion, or $2.63 a share, from $14.3 billion, or $4.50 a share, in the year-ago quarter. Revenue dropped to $30.
Analysts expected JPMorgan to earn $2.72 a share on revenue of $30.59 billion, according to a FactSet survey."We remain optimistic on the economy, at least for the short term - consumer and business balance sheets as well as consumer spending remain at healthy levels - but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine," JPMorgan Chase CEO Jamie Dimon said in a prepared statement.