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J.P. Morgan Chase beats profit and revenue expectations; stock rallies

“Within business segments, consumer and community banking and corporate and investment bank units beat revenue expectations, while revenue from commercial banking and asset and wealth management came up shy” writes Reporter Editor for marketwatch.com. Net income rose to $9.08 billion, or $2.68 a share, from $8.38 billion, or $2.34 a share, in the year-ago period.Revenue increased to $30.06 billion from $27.82 billion to top the FactSet consensus of $28.47 billion, as net interest income rose 2% to $14.4 billion to beat expectations of $14.1 billion.JPM, +3.92% rose 1.1% in premarket trading Tuesday, after the banking giant beat profit and revenue expectation as strength in consumer banking and investment banking helped offset a “more challenging” interest rate environment. The stock has gained 2.2% over the past three months through Monday, while the Dow Jones Industrial Average DJIA, +0.98% has slipped 2.1%.
 
Source: marketwatch.com



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