Banking giant JPMorgan Chase & Co. (NYSE: JPM) reported lower net profit and revenues for the first quarter of 2022. The bottom line also missed analysts’ estimates. The company’s stock dropped in pre-market trading on Wednesday soon after the announcement, after closing the previous session lower.
First-quarter net income dropped sharply to $8.28 billion or $2.63 per share from $14.3 billion or $4.5 per share in the corresponding period of last year. The market was looking for a slightly bigger amount for the latest quarter.
The weak bottom-line performance reflects a 5% decrease in net revenues to $30.7 billion, which also fell short of expectations.
Check this space to read management/analysts’ comments on JPMorgan’s Q1 2022 results
“Our focus this quarter remained on helping our clients navigate difficult markets and unpredictable events, which included working with governments to implement economic sanctions of unprecedented complexity. While our company will continue to deal with this global turmoil, our hearts go out to the extreme suffering of the Ukrainian people and to all of those affected by the war,” said Jamie Dimon, chief executive officer of JP Morgan.