JP Morgan earnings provide Wall Street boost, but tone remains cautious
JPMorgan posted xxx-than-expected first quarter earnings Friday, xxxx
JPMorgan JPM said earnings for the three months ending in March were pegged at $4.44 a share, up 8.3% from the same period last year and well ahead of the Wall Street consensus forecast of $4.15 a share.
Reported revenue, JPMorgan said, rose 6.6% to $41.93 billion, topping analysts’ estimates of a $41.84 billion tally. Managed revenue, however, was up 1.6% at $42.5 billion, topping Wall Street forecasts.
JPMorgan is the fifth largest bank in the world, with a market value of around $630 billion and around $3.2 trillion in assets under its umbrella.
Net interest income also impressed, rising 11% to $23.2 billion, thanks in part to the higher interest rate environment and a pullback in bets that the Federal Reserve will begin cutting rates later this spring.
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JPMorgan shares were marked xxx in premarket trading immediately following the earnings release to indicate an opening bell price of $xx.
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