Stock of JPMorgan Chase & Co. (NYSE: JPM) -- America's biggest bank both by revenue and by market cap -- is tumbling on Friday, down despite the bank reporting big beats on both revenue and earnings for its first quarter of fiscal 2024.
Heading into the quarter, analysts had JPMorgan pegged for a $3.82-per-share profit on revenue of $38.5 billion. But then the bank reported profits of $4.63 per share (adjusted for one-time items; net earnings were $4.44), and revenue of $41.9 billion -- an earnings beat by any measure.
JPMorgan Q4 earnings highlights
CEO Jamie Dimon characterized his bank's results as "strong," noting the difference between adjusted and net earnings came from a $750 million "special assessment" by the Federal Deposit Insurance Corp. (FDIC) to help insure against future losses.
Revenue rose 9% year over year, and (net) earnings were up 8%. About the only bad news is that bank depositors are starting to rebel at the ultra-low interest rates JPMorgan (still) pays on deposits, and shifting money out of JPMorgan savings