JPMorgan Chase (NYSE:JPM) released its earnings report for the third quarter of 2018 on Friday.
JPMorgan Chase’s earnings report for the third quarter of the year includes earnings per share of $2.34. This is up from the company’s earnings per share of $1.76 reported during the same time last year. It also beat out Wall Street’s earnings per share estimate of $2.25 for the quarter, but didn’t really affect JPM stock.
Net income reported by JPMorgan Chase for the third quarter of 2018 came in at $8.38 billion. This is an increase over the company’s net income of $6.73 billion reported in the third quarter of 2017.
JPMorgan Chase notes that its net income for the third quarter of the year benefited from the Tax Cuts & Jobs Act. It notes that the legislation resulted in its effective tax rate for the quarter being 21.6%. The company’s tax rate for the same period of the year prior was $29.6%.
During the third quarter of 2018, JPMorgan Chase reported revenue of $27.82 billion. This is better than the company’s revenue of $26.45 billion that was reported in the third quarter of the previous year. It also came in above analysts’ revenue estimate of $27.50 billion for the period, but didn’t send JPM stock any higher today.
JPMorgan Chase notes that its noninterest revenue for the third quarter of the year was $13.8 billion. This is up 3% from the same time last year. The company says this is due to “higher Markets noninterest revenue and auto lease income.”
JPM stock started off up on Friday, but is now largely unaffected by the earnings report. The same is also true for JPM stock when looking at its year-to-date performance.
As of this writing, William White did not hold a position in any of the aforementioned securities.
