JPMorgan Beats Views, Despite Profit Drop |
| TheStreet.com - Apr 16, 2008 |
JPMorgan Chase managed to beat first-quarter expectations fueled by its sale of Visa(V - Cramer's Take - Stockpickr) shares, but profit was cut in half as the credit crunch took its toll on the banking titan.
In the first three months of the year, the New York-based bank recorded net income of $2.37 billion, or 68 cents a share, compared to $4.8 billion, or $1.34 a share, in the year-earlier period. Revenue dropped 11% from a year earlier to $16.89 billion. Analysts expected the bank to post earnings of 64 cents a share.
Chairman and CEO Jamie Dimon, however, noted market conditions and the credit environment "remained challenging." In the first quarter, the bank took $2.6 billion worth of writedowns related leveraged loans as well as prime, Alt-A and subprime mortgages.
Read Full Article from TheStreet.com
- Posted: 2008-04-16 08:54:58
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