JPMorgan Chase & Co (NYSE: JPM) is trading lower Wednesday after the company announced its third-quarter financial results.
JPMorgan Chase reported quarterly earnings of $3.74 per share, which beat the estimate of $3 per share. The company reported quarterly net revenue of $29.65 billion and managed net revenue of $30.441 billion.
Non-interest revenue declined from pandemic-fueled record levels with the normalization of investment banking. Markets and securities services revenue was down 4% year-over-year.
Card income declined as a result of “higher acquisition costs and lower net interest income on lower revolving balances.”
“JPMorgan Chase delivered strong results as the economy continues to show good growth – despite the dampening effect of the Delta variant and supply chain disruptions,” said Jamie Dimon, chairman and CEO of JPMorgan Chase.
JPMorgan Chase is one of the largest and most complex financial institutions in the United States, with more than $3 trillion in assets. It’s organized into four major segments: consumer and community banking, corporate and investment banking, commercial banking and asset and wealth management.
JPM Price Action: JPMorgan Chase has traded as high as $171.51 and as low as $95.23 over a 52-week period.
The stock was down 2.34% at $161.49 at time of publication.