Investing.com - JPMorgan reported fourth quarter earnings that beat analysts' expectations on Tuesday and revenue that topped forecasts.
The firm reported earnings per share of $2.57 on revenue of $29.21B. Analysts polled by Investing.com anticipated EPS of $2.35 on revenue of $27.87B. That compared to EPS of $1.98 on revenue of $26.8B in the same period a year earlier. The company had reported EPS of $2.68 on revenue of $30.06B in the previous quarter.
"JPMorgan (NYSE:JPM) is continuing to see strength in its consumer and investment banking units. Although a low interest-rate environment going forward may not help the lender after three rate cuts by the Fed, it could still fuel loan expansion, helping JPM in increasing its lending activity. That’s what JPM’s Chief Executive Officer Jamie Dimon pointed out last year when he told analysts that the near-term outlook for credit is relatively rosy" said Investing.com analyst Haris Anwar.
"That earnings momentum has kept JPM shares well-supported last year. As long as the economy and consumer spending remain robust, there is no major threat to the U.S. lenders, including JPMorgan (NYSE:JPM), whose shares hit a record high early this month, after surging more than 35% in the past year."
JPMorgan follows other major Financial sector earnings this month
On January 8, Jefferies Financial reported fourth quarter EPS of $0.62 on revenue of $1.11B, compared to forecasts of EPS of $0.61 on revenue of $791.1M.
PennyMac Financial earnings beat analysts' expectations on October 31, 2019, with third quarter EPS of $1.9 on revenue of $436.35M. Investing.com analysts expected EPS of $1.31 on revenue of $381.01M
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