JPMorgan beats estimates for fourth-zone revenue but says slight downturn now 'core case'

The Big Apple-based financial institution said profit rose 6% from 12 months ahead to $11.01 billion, or $3.57 on a percentage basis.

Sales increased 17% to $35. Fifty-seven billion, buoyed by online hobby earnings rising to $20.3 billion, beating StreetAccount's estimate by $1 billion

But the bank posted a $2.3 billion provision for area credit losses, up 49 percent from 1/3 of the quarter that beat StreetAccount's $1.96 billion estimate

as it booked cash for anticipated defaults. The organization's shares are down 1.1% in morning buying and selling.

The move was driven by a "modest deterioration in the company's macroeconomic outlook, which now reflects a mild recession in the core case

JPMorgan economists anticipate the recession, in which US unemployment could reach 4.9%, will hit in the fourth year of this year

While JPMorgan CEO Jamie Dimon declared Friday that the US economy “currently remains strong” thanks to well-funded clients and organizations

“We still do not recognize the final impact of the headwinds coming from geopolitical tensions and fighting in Ukraine,

Need More Stories