JPMorgan Reports a Noisy Top & Bottom Line Beat
JPMorgan is Real Money's Stock of the Day.
The financial giant reported earnings this morning, beating on both the top and bottom line.
Revenue came in at $29.57 billion vs estimates of $28.9 billion.
Net income in the quarter rose by 16% to $9.65 billion, putting earnings per share at $2.82, or $2.59 excluding the tax benefit, either way the results beat the $2.50 average EPS estimate of Wall Street analysts.
RELATED: Wells Fargo Beats Q2 Earnings Forecast; Net Interest Margins, Income Decline RELATED: Johnson & Johnson Tops Q2 Earnings Estimate, Boosts 2019 Sales Forecast CEO Jamie DImon said in a statement that "We continue to see positive momentum with the U.S. consumer -- healthy confidence levels, solid job creation and rising wages -- which are reflected in our Consumer & Community Banking results." Dimon added that strong growth in credit card sales and increased new deposits add confidence in the bank's consumer segments.
However, average total loans were down quarter over quarter.
RELATED: JPMorgan Is Seeing Profit-Taking Tuesday Following Its Q2 Earnings Numbers (Real Money) RELATED: JPMorgan Chase Eases Despite Earnings Beat (Real Money) Shares of JPMorgan's stock are down slightly this morning due in part to tax benefits inflating earnings plus a $500 million reduction in the bank's full-year forecast for net interest income from its previous forecast.
However, the bank also announced increases in dividend payments and $29 billion share buy back For more in-depth coverage of JPMorgan get over to RealMoney.com and for Jim Cramer and his team's take head to ActionAlertsPLUS.com.
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