JPMorgan Earnings: JPM Stock Drops on Q1 Misses

JPMorgan (NYSE:JPM) earnings for the first quarter of 2020 have JPM stock down on Friday. This is after reporting revenue of $29.07 billion, which is below Wall Street’s estimate of $29.67 billion. Furthermore, the company reported adjusted earnings per share (EPS) of 78 cents, while analysts were expecting adjusted per-share earnings of $1.84 for the quarter.

JPMorgan Earnings: JPM Stock Drops on Q1 Misses

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Here’s what else is worth mentioning from the most recent JPMorgan earnings report.

  • Revenue for the quarter comes in 2.61% lower compared to $29.85 billion during the same time last year.
  • Adjusted EPS was down 70.57% from $2.65 during Q1 2019.
  • JPMorgan’s earnings also includes a net income of $2.87 billion.
  • That’s 68.74% worse than $9.18 billion from the first quarter of 2019.

Jamie Dimon, chairman and CEO of JPMorgan, said this about the JPM stock earnings report:

“The first quarter delivered some unprecedented challenges and required us to focus on what we as a bank could do — outside of our ordinary course of business — to remain strong, resilient and well-positioned to support all of our stakeholders.”

The JPMorgan earnings report does not include guidance for fiscal year 2020. That said, we know what Wall Street is expecting. Analyst estimates are looking for EPS of $7.27 on revenue of $113.19 billion for the year.

JPM stock was down less than 3.5% as of Tuesday afternoon.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

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