JPMorgan Chase blasts past earnings target, stock rises in premarket

JPMorgan Chase & Co.
JPM,
+0.49%
stock is up 2.4% in premarket trades Friday after the largest U.S. bank’s second-quarter profit blew past analyst estimates. The bank’s earnings for the three months ended June 30 increased to $14.47 billion, or $4.75 a share, from $8.65 billion, or $2.76 a share in the year-ago quarter. Wall Street analysts had expected JPMorgan Chase to earn $3.97 a share, according to estimates compiled by FactSet. JPMorgan Chase’s second-quarter revenue rose to $41.31 billion from $30.72 billion. Managed revenue rose to $42.4 billion from $31.6 billion. Analysts were looking for revenue of $38.66 billion. CEO Jamie Dimon said the results were strong amid continued resiliency from U.S. consumers. “Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly,” Dimon said. “Labor markets have softened somewhat, but job growth remains strong.” Prior to Friday’s moves, JPMorgan Chase stock was up 11% in 2023, compared to a 17.5% increase by the S&P 500
SPX,
+0.85%
and a 3.8% year-to-date increase by the Dow Jones Industrial Average
DJIA,
+0.14%.
JPMorgan Chase is one of the 30 components of the DJIA.