logo
Share SHARE
FONT-SIZE Plus   Neg

JPMorgan Chase Slips To Loss In Q3 - Quick Facts

Financial services giant JPMorgan Chase & Co. (JPM) reported third-quarter net loss of $0.4 billion, as against a profit of $5.71 billion in the 2012 period. On a per share basis, quarterly loss totaled $0.17, compared with a $1.40 income reported a year back. On average, 27 analysts polled by Thomson Reuters expected earnings per share of $1.19 for the quarter. Analysts' estimates typically exclude one-time items.

On a managed basis, the firm clocked revenue of $23.9 billion in the tri-monthly period, compared with the prior-year figure of $25.86 billion, with reported total net revenue dropping year-over-year to $23.12 billion, from $25.15 billion. Analysts estimated revenues of $23.94 billion for the quarter.

JPMorgan Chase said the third-quarter results included legal expense in Corporate of $9.2 billion, and a benefit from reserve releases of $1.6 billion. Excluding these items, quarterly net profit would have been $5.8 billion, or $1.42 per share, the company added.

The company's Chairman and Chief Executive commented: "While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense. We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them. While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Uber has been hit with an $8.9 million civil penalty by Colorado for allegedly allowing drivers with questionable backgrounds to work for the ride-hailing company. The Colorado Public Utilities Commission or PUC said it has issued a Civil Penalty Assessment Notice or CPAN totaling $8.9 million to Rasier LLC, the parent company of Uber. Netflix has announced the new arrivals in its streaming video lineup in the month of December that include many Christmas-themed shows and films to choose from. The holiday season will also see some great movies disappearing from the platform. Shares of easyJet Plc were gaining around 6 percent in the morning trading in London after the airline reported higher revenues, traffic and capacity in its fiscal 2017, despite weak profit. Looking ahead, the company projects capacity growth in fiscal 2018.
comments powered by Disqus
Follow RTT