JPM - Why JPMorgan Chase Stock Sank 6% Today
2024-04-12 12:25:20 ET
Stock of JPMorgan Chase & Co. (NYSE: JPM) -- America's biggest bank both by revenue and by market cap -- is tumbling on Friday, down 5.8% through 11:05 a.m. ET despite the bank reporting big beats on both revenue and earnings for its first quarter of fiscal 2024.
Heading into the quarter, analysts had JPMorgan pegged for a $3.82-per-share profit on revenue of $38.5 billion. But then the bank reported profits of $4.63 per share (adjusted for one-time items; net earnings were $4.44), and revenue of $41.9 billion -- an earnings beat by any measure.
CEO Jamie Dimon characterized his bank's results as "strong," noting the difference between adjusted and net earnings came from a $750 million "special assessment" by the Federal Deposit Insurance Corp. (FDIC) to help insure against future losses.
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Why JPMorgan Chase Stock Sank 6% Today