JPMorgan Chase & Co. (NYSE:JPM) reported an earnings beat for the fourth quarter of 2017 on Friday.
Source: via Wikimedia
During the fourth quarter of 2017, JPMorgan Chase & Co. reported earnings per share of $1.76. This matches the company’s earnings per share reported in the same period of the year prior. It also beat out Wall Street’s earnings per share estimate of $1.69 for the quarter.
JPMorgan Chase & Co. reported net income of $4.23 billion in the fourth quarter of 2017. The financial company’s net income from the fourth quarter of 2016 was $6.73 billion. JPM notes that this drop is due to the enactment of the Tax Cuts and Jobs Act during its fourth quarter. Without it, net income would have only been down 1%.
Revenue reported by JPMorgan Chase & Co. in the fourth quarter of 2017 was $25.50 billion. This is an increase over its revenue of $24.33 billion that was reported in the same quarter of the previous year. It also came in above analysts’ revenue estimate of $25.15 billion for the period.
JPMorgan Chase & Co. also released its results for the full year of 2017 in its most recent earnings report. The company notes that it reported earnings per share of $6.87 during the year. Wall Street was looking for earnings per share of $6.92 for the full year of 2017.
“The enactment of tax reform in the fourth quarter is a significant positive outcome for the country,” Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co., said in a statement. “U.S. companies will be more competitive globally, which will ultimately benefit all Americans.”
JPM stock was up slightly as of noon Friday.
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As of this writing, William White did not hold a position in any of the aforementioned securities.