Earnings week continues on Tuesday as some of the nation's biggest brands release their numbers. Today, we will see the likes of Goldman Sachs, Intel, Yahoo and Johnson & Johnson. The morning started with JPMorgan Chase, who posted a second quarter net income of $6 billion, or $1.46 per share.
For revenue, JPMorgan brought in $25.3 billion, a 14 percent return on tangible common equity. Estimates for revenue floated around $23.9 billion, however, they were down year-over-year. At this time in 2013, net income was $6.5 billion, $1.6 per share. In pre-market trading, stock was up 2.10 percent at time of publishing, to 57.47.
Jamie Dimon, Chairman and Chief Executive Officer, offered this statement:
Despite continued industry-wide headwinds in Markets and Mortgage, the firm has continued to deliver strong underlying performance. Consumer & Community Banking deposit growth and card sales volume both outpaced the
industry, and we had record loan originations in Business Banking. The Corporate & Investment Bank saw strong performance in fees with #1 position in Global IB fees YTD, global debt and equity, global syndicated loans and global long-term debt. Commercial Banking clients generated record investment banking."
On the press call, Dimon discussed his cancer prognosis. He mentions that he will continue to work and his board is fully supportive of this move. He is also "very optimistic and very lucky" that his cancer is curable.
You can listen to the recorded call here.