Enviado: 15/10/2008 12:19JP Morgan Reports Profit but Revenue Disappoints
JP Morgan reported third-quarter earnings per share of 11 cents, including losses related to the merger with Washington Mutual, beating revised market expectations.
Over the last 30 tumultuous days, the consensus forecast for JP Morgan's [JPM 40.71 -1.28 (-3.05%) ] earnings per share has sunk from a gain of 37 cents to a loss of 21 cents.
But the markets are also looking at revenue, which missed expectations coming in at $14.74 billion against the $16 billion consensus forecast.
"Given the uncertainty in the capital markets, housing sector and economy overall, it is reasonable to expect reduced earnings for our firm over the next few quarters," Jamie Dimon, Chairman and Chief Executive Officer, said in a press release.
"However, with a total loan loss allowance of $19 billion (including Washington Mutual) and an 8.9% Tier 1 capital ratio, we feel well-positioned to handle the turbulent environment and, most importantly, to continue to invest in our businesses and serve our clients well," Dimon added.
© 2008 CNBC.com
JP Morgan reported third-quarter earnings per share of 11 cents, including losses related to the merger with Washington Mutual, beating revised market expectations.
Over the last 30 tumultuous days, the consensus forecast for JP Morgan's [JPM 40.71 -1.28 (-3.05%) ] earnings per share has sunk from a gain of 37 cents to a loss of 21 cents.
But the markets are also looking at revenue, which missed expectations coming in at $14.74 billion against the $16 billion consensus forecast.
"Given the uncertainty in the capital markets, housing sector and economy overall, it is reasonable to expect reduced earnings for our firm over the next few quarters," Jamie Dimon, Chairman and Chief Executive Officer, said in a press release.
"However, with a total loan loss allowance of $19 billion (including Washington Mutual) and an 8.9% Tier 1 capital ratio, we feel well-positioned to handle the turbulent environment and, most importantly, to continue to invest in our businesses and serve our clients well," Dimon added.
© 2008 CNBC.com