posted first-quarter profit that was well below analysts' expectations, although the bank's revenue held up amid the coronavirus pandemic.
The bank posted quarterly per share earnings of 78 cents, compared to analyst's $1.84 estimate, JPMorgan said Tuesday in a. Profit of $2.87 billion plunged 69% from a year earlier, driven mostly by the provisions, while revenue proved to be more resilient, slipping 3% from a year earlier to $29.07 billion.
said in the release. "In the first quarter, the underlying results of the company were extremely good, however given the likelihood of a fairly severe recession, it was necessary to build credit reserves of $6.8B, resulting in total credit costs of $8.3B for the quarter."
Well that’s almost a dollar off, Wall Street has big hops for jpmorgan Chase
Perhaps the expectations were unreasonable.
Saying that JPM “missed” expectations ($.78 vs $1.84 expected) is like saying William Tell “missed” the apple and, instead, shot his son through the heart. $1.75 would have been a miss. $.78 is should be described as “earned only a small fraction of what was expected.”
This is w fares than a month of slowdown affecting profits. Q2 is gonna be a bloodbath.
they missed expections but stocks value has already discounted the earnings miss so its a stock rally. Jesus returning to earth and ending capitalism is also discounted. So just buy it!
Given the big rise in $JPM trading revenues we now know who is guilty for the market $VIX volatility and destruction of trillions that taxpayers had to make up. I guess JPM controls SEC_tradingmkts, its not the way capitalism should work
Don't worry, ath's by next week, because BY ROYAL DECREE: Stocks are never allowed to lose value ever again.
And the stock price is up. What an interesting world are we living in! Why do we even care about what the company did. The Fed will buy any thing from JPM’s balance sheet.
Kitchen sinking it on the bad debt reserves...
Are there still a thing called expectations?
JPM figured it was a good quarter to do the expense dump. Not surprised
Nobody cares...buy the stock coz the fed will always help if things dont work out👌👍
Sure they will get a mulligan
First of many like this.
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Source: CNBC - 🏆 12. / 72 Read more »