JPMorgan Chase posted Q1 earnings that missed Wall Street’s expectations, reporting $0.78 EPS vs. the $1.84 estimate. $JPM
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."
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