- By Julie Young
JPMorgan Chase (JPM) started off second quarter bank earnings reports with an earnings beat Thursday morning.
The report helped the stock and the leading market indexes open higher. For the day, JPMorgan opened with a gain of approximately 2%. Both the Standard & Poor's 500 and Dow Jones Industrial Average indexes also opened higher for the day.
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Warning! GuruFocus has detected 3 Warning Signs with CHK. Click here to check it out.
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The intrinsic value of JPM
For the second quarter, JPMorgan reported revenue of $25.21 billion, which was a gain of 2.8% from the comparable quarter. Revenue for the quarter beat analysts' average estimate by $1.05 billion. Earnings for the quarter were $1.55, beating analysts' average estimate by 12 cents.
The quarter's report also topped analysts' high estimates which were reported at $24.96 billion for revenue and $1.55 for earnings per share.
The quarter's results were led by an increase in loans and trading revenue. In consumer and community banking, loans were up 23%. Trading revenue for the quarter also helped the corporate and investment bank business improve revenue by 13% and net income by 26%.
In a CNBC report following the results, market specialist, David Hilder discussed the company's quarter and some of the macroeconomic factors affecting the company.
Disclosure: I do not own any shares of JPMorgan.
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This article first appeared on GuruFocus.
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Warning! GuruFocus has detected 3 Warning Signs with CHK. Click here to check it out.
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The intrinsic value of JPM