JP Morgan Q4 Results Miss Forecasts as Volatility Hits Bonds Business
Investing.com – Shares in JPMorgan Chase & Co moved lower in premarket trade on Tuesday after a weak end to the year in its bond and currency trading business made its fourth-quarter revenue and earnings miss analysts’ estimates.
The largest U.S. lender reported revenue of $26.8 billion, just below expectations for $26.9 billion. Adjusted earnings per share were $1.98, also missing consensus for $2.20. Revenue in the fixed income, currencies and commodities business fell an underlying 18% from a year earlier, reflecting the volatility in global markets toward the end of 2018.
Chairman and Chief Executive Officer Jamie Dimon stated in the earnings release that 2018 was a strong year with record revenue and income “even as volatility and lower market levels impacted fourth quarter results.”
At 7:02 AM ET (12:02 GMT), shares in JPMorgan (NYSE:JPM) were quoted down 1.92% to $99.00 in premarket trade, compared to the previous closing price of $100.94.
For the year, JPMorgan shares are up 3.4%, broadly in line with the Dow 30 which is up 2.49% year to date.
JPMorgan follows Citigroup (NYSE:C) in reporting weak bond trading in 4Q
On Tuesday, UnitedHealth reported fourth-quarter EPS of $3.28 on revenue of $58.42 billion, compared to forecasts of EPS of $3.21 on revenue of $57.93 billion.
Citigroup reported mixed results on Monday, with fourth-quarter EPS of $1.61 on revenue of $17.12 billion. Investing.com analysts expected EPS of $1.55 on revenue of $17.5 billion
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar
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