JPMorgan chief executive Jamie Dimon.
Michel Euler/Pool/AFP via Getty Images
JPMorgan published fourth-quarter earnings that beat Wall Street’s forecasts Friday.
But shares fell over 3% in premarket trading after the earnings were released.
JPMorgan CEO Jamie Dimon warned of further economic uncertainty from high inflation and the Federal Reserve’s rate-hiking campaign.
JPMorgan Chase reported fourth-quarter earnings Friday that beat Wall Street forecasts.
Shares of the biggest US bank fell 3.6% in Friday’s premarket after the earnings release, which covered the three months up until December 31.
JPMorgan reported managed revenues of $35.6 billion, beating Refinitiv consensus estimates of $34.3 billion, and earnings-per-share of $3.57, significantly outperforming market expectations for $3.06.
“The U.S. economy currently remains strong with consumers still spending excess cash and businesses healthy,” JPMorgan CEO Jamie Dimon said. “However, we still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher, and the unprecedented quantitative tightening.”
JPMorgan is seen as a bellwether stock – meaning its earnings reflect the US’s overall economic health. The Wall Street bank’s fourth-quarter update shows how it’s coping with soaring inflation and rising interest rates, which weighed heavily on economic growth in 2022.