Why JPMorgan Chase Stock Is Down By 5% Today
- Date: 16-Jan-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Why JPMorgan Chase Stock Is Down By 5% Today
Shares of JPMorgan Chase found themselves under material pressure after the company released its quarterly results. Citigroup, which also reported earnings today, declined after the report, while Wells Fargo rallied.
JPMorgan Chase reported revenue of $29.3 billion and GAAP earnings of $3.33 per share, missing analyst estimates on revenue and beating them on earnings.
The company’s CEO commented: “The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks […] we remain optimistic on U.S. economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth”.
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