image credit: Unsplash

JPMorgan Chase shares drop after bank gives disappointing guidance on 2024 interest income

April 12, 2024


JPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.

Here’s what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:

  • Earnings: $4.44 per share, vs. $4.11 expected
  • Revenue: $42.55 billion, vs. $41.85 billion expected

The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year. Per-share earnings would’ve been 19 cents higher excluding a $725 million boost to an FDIC fee covering costs from last year’s bank failures.

Read More on CNBC