Jul 13, 2018
J.P. Morgan Chase's stock gains; strong markets performance leads to another revenue beat I Breaking News I MarketWatch
Shares of J.P. Morgan Chase & Co. JPM, +0.43% rose 0.6% in premarket trade Friday, after better-than-expected second-quarter corporate & investment bank (CIB) revenue helped the banking giant extend its streak of quarterly total revenue beats to 11. Total revenue rose 6% from a year ago to $28.4 billion, beating the FactSet consensus of $27.56 billion, as CIB revenue growth to $9.92 billion from $8.93 billion was well above expectations of $9.30 billion. Within CIB, markets revenue rose 13%, with fixed income revenue up 12% to $3.5 billion and equity markets revenue up 24% to $2.0 billion. Separately, consumer & community banking revenue rose to $12.5 billion from $11.4 billion, but fell shy of the FactSet consensus of $12.6 billion, while commercial banking revenue rose 11% to $2.3 billion, above expectations of $1.8 billion. Separately, earnings rose to $8.3 billion, or $2.29 a share, from $7.0 billion, or $1.82 a share, to top the FactSet consensus of $2.22 a share. The stock has lost 0.1% year to date through Thursday, while the Dow Jones Industrial Average DJIA, +0.91% has edged up 0.8%.