JPMorgan Chase and Wells Fargo Beat Estimates

This morning JPMorgan Chase ($JPM) announced a 31% increase in Q2 earnings. Analysts expected $5.47 billion or $1.44 per share on revenue of $24.84 billion. Yet JPM surpassed that with earnings of $6.5 billion or $1.60 per share and revenue of $25 billion, compared with $22 billion in the period a year earlier. The stock spiked on the news and is now up slightly in mid-day trading.

Wells Fargo ($WFC) also announced strong earnings this morning. WFC reported a 19% profit increase for Q2, which reflected the 14th-straight quarterly profit increase and the ninth-straight record report. Net income was $5.5 billion or 98 cents per share compared to $4.6 billion or 82 cents per share for the Q2 one year ago. Analysts had been expecting 93 cents per share. Revenue was roughly flat at $21.4 billion and this also exceeded expectations. The stock is up 1.8% in mid-day trading.

Posted by on July 12th, 2013 at 12:42 pm

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