XXXXX: Q1 earnings

Summary of JPMorgan's earnings for its first quarter, following which the shares were down 1.9% in the pre-market (12.05pm).

 

Revenue

Net income

Earnings per share

Expected

$24.5 billion $5.4 billion $1.38 (GAAP)

Actual

$23.9 billion $5.27 billion $1.28 (GAAP)

 

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JPMorgan has started the bank earnings season, but it is not pleasing reading for the shareholders.

First-quarter earnings were weaker than expected, hit by declines in its mortgages and fixed-income trading activities.

It had been forecast that these areas would see lower activity, hurting revenue, but the impact was greater than expected. Net income was $5.3 billion, a drop of 19% from the same period a year earlier. GAAP earnings per share were down to $1.28, compared to $1.59 in 2013.

Revenue was down 8% to $23.9 billion, a better performance than was forecast in February by the bank, when investors were warned of an expected 15% drop.

This is only the third time in five years that the bank has missed forecasts. It does not bode well for the rest of the sector. The stock is already down 1.9% in the pre-market, at around $56.24, and we will now watch the 200-day moving average closely to see if we are in for a retest of the early February lows around $54. 

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This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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