JPMorgan and Goldman Sachs reported their Q2 earnings before the opening bell on Tuesday – both beating analyst forecasts.
JP Morgan & Co
JP Morgan reported total revenue of $31.4 billion in Q2, above analyst forecast of $29.90 billion. Earnings per share were reported at $3.78 vs. $3.21 estimate.
”JPMorgan Chase delivered solid performance across our businesses as we generated over $30 billion in revenue while continuing to make significant investments in technology, people and market expansion. This quarter we once again benefited from a significant reserve release as the environment continues to improve, but as we have said before, we do not consider these core or recurring profits. Our earnings, not including the reserve release, were $9.6 billion. Consumer and wholesale balance sheets remain exceptionally strong as the economic outlook continues to improve. In particular, net charge-offs, down 53%, were better than expected, reflecting the increasingly healthy condition of our customers and clients.” – Jamie Dimon, Chairman, and CEO commented on the strong Q2 results following the announcement.
JPMorgan Chase & Co Chart (year-to-date)
The share price of JPMorgan Chase & Co was trading down by around 1.42% towards the end of the US session trading at $155.79 per share following the latest results. The stock is up by around 22% year-to-date.
Goldman Sachs also reported strong numbers with revenue of $15.39 billion in Q2, higher than analyst estimate of $12.17 billion. Earnings per share at $15.02, above the forecast of $10.24 per share.
Following the latest earnings report from Goldman Sachs, David Solomon, Chairman and CEO commented on results – ”Our second quarter performance and record revenues for the first half of the year demonstrate the strength of our client franchise and our continued progress on our strategic priorities. While the economic recovery is underway, our clients and communities still face challenges in overcoming the pandemic. But, as always, I am proud of the dedication and resilience of our people, who have worked tirelessly to help our clients navigate the ever-changing market environment.”
Goldman Sachs Chart (year-to-date)
Share of Goldman Sachs also trading slightly lower despite beating estimates, down by around 0.76% towards the end of the session at $377.31 per share. The share price up by around 43% year-to-date.
Bank of America (BAC), Citigroup (C) and Wells Fargo & Co (WFC) report their Q2 numbers before US market opens on Wednesday.
Sources: Goldman Sachs, JP Morgan & Co, Refinitiv, TradingView
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