Dallas, Texas 04/11/2014 (FINANCIALSTRENDS) – JPMorgan Chase & Co. (NYSE:JPM) reported its first quarter 2014 results today before markets opened. On the back of the less than expected results, the stock was down 3.1 percent during trading on the back of firm reporting a 19 percent dip in its first quarter profits.
The banking major reported earnings per share of $1.28 from revenue of $23.9 billion for the quarter. Analysts, who were polled about the earnings before the call, had anticipated earnings of $1.4 per share and revenue for the quarter to come in at $24.5 billion. The bell weather banking firm has also forecasted earnings guidance to come in between $2.9 to $2.95 per share. Net income came down to $5.27 billion in comparison to $6.53 billion it had reported in 1Q13.
JPMorgan Chase & Co. (NYSE:JPM) reported fall in revenue from all its operating divisions. The biggest fall was seen in the mortgage division, which saw a 42 percent dip compared to 1Q13. Fixed income division also was down 21 percent for the reporting period. The earnings dip comes in line with expectations set by Chairman of the Board, President and Chief Executive Officer James L. Dimon in early February. Investors should note that the stock of the banking major has come down by close to 15 percent during the first two months of the year.
JPMorgan Chase & Co. (NYSE:JPM) CEO Dimon in his commentary about the prospects for the firm in the rest of 2014 has been quoted to have said that, “We have growing confidence in the economy – consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets – and we are doing our part to support the recovery. JPMorgan Chase provided credit and raised capital of over $450B for our clients during the first quarter of 2014, which included $5B for U.S. small businesses”.