JPMorgan (JPM) Stock Down 1.16% Now as Company Releases Poor Q1 2020 Earnings Report

Figures have started coming, showing an idea of how the year’s first quarter has been. Because of the coronavirus pandemic, financial markets crashed quite terribly as normal activity ground to a halt. Some of the world’s largest stocks crashed and a lot of wealth owned by the richest people was lost. With all of these losses still in view, JPMorgan Chase & Co (NYSE: JPM), the largest bank in the U.S., has released a report, unsurprisingly disappointing estimates and investors.

Meanwhile, the JPM stock price is falling. At the time of writing, the stock is trading at $97.05 (-1.15%).

JPMorgan’s figures showed that the bank’s earnings were far less than general market estimates. For example, estimates put earnings per share at $1.84, much higher than JPMorgan’s reported 78 cents. Also, it announced a profit of $2.87 billion, which is a whopping 69% crash from figures in the first quarter of 2019. The company’s revenue, however, seemed healthier, as it came to $29.07, only crashing 3%. This is however lower than estimates at $29.67 billion.

The report says the company’s net income for Consumer & Community Banking (CCB) crashed 95% to hit $191 million. Net revenue dropped by 2%, to hit $13.2 billion. For Commercial Banking (CB), net income fell 86%, to $147 million.

In all of the disappointment, the report highlights some increase. Firstly, the bank’s revenue from bond trading surpassed analyst estimates by $1 billion, hitting $5 billion. Revenue from its trading division also jumped to $7.2 billion, a 32% increase.