Profit Down, but JPMorgan Tops Forecasts With $2.1 Billion First Quarter

Yet another sign that the worst may be over and the economy is on the rebound, JPMorgan has posted a profit for the first quarter of $2.1 billion. 

According to an article in the New York Times this morning, the bank’s profit, which was 40 cents a share, fell short of the nearly $2.9 billion, or 67 cents a share, it earned in the first quarter a year ago, but analysts estimated on average that the firm would earn 32 cents a share. Revenue rose to a record $26.9 billion from $17.9 billion, a 50 percent increase from the period a year ago.
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Filed under economy, first quarter earnings, JPMorgan, TARP, The New York Times

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