JP Morgan earnings crushes the consensus
- Q1 EPS $4.50 vs $3.01 estimate
- Q1 revenue $33.12 billion vs $30.42 billion estimate
- Q1 investment banking revenue $2.85 billion vs $2.46 billion estimate
- Q1 equities sales & trading revenue $3.29 billion vs $2.32 billion estimate
- Q1 FICC sales & trading revenue $5.76 billion vs $5.02 billion estimate
The firm's trading desks had a great showing and soaring investment banking fees adds to the more upbeat results across the board. JPM CEO, Jamie Dimon, reflects on that in saying there is a "strong underlying performance across our businesses".
On the economy, he adds that he believes "the economy could have a period of multi-year growth" and remarks that "consumer spending has returned to pre-pandemic levels".
That's a good way to kick things off in earnings season with more financial institutions to report through to the end of the week.
Interestingly, JP Morgan shares are down 0.7% in pre-market with perhaps investors focusing more on the caution from the earnings statement. The firm said it doesn't expect such circumstances to be recurring while adding that loan demand remains "challenged".
