JPMorgan Chase & Co (NYSE:JPM) shares are trading lower Wednesday after the company reported financial results.
JPMorgan said first-quarter revenue declined 5% year-over-year to $31.59 billion, which beat the $31.14 billion estimate. The company reported quarterly net income of $8.3 billion or $2.63 per share.
JPMorgan reported quarterly net interest income of 14 billion, which was up 7% year-over-year. Noninterest revenue reached $17.6 billion, which was down 12% year-over-year. The company said the decline was primarily driven by lower investment banking fees, losses on legacy equity investments and lower net production revenue in home lending.
JPMorgan said it expects full-year 2022 net interest income excluding markets to be $53 billion or greater. The company said it expects 2022 adjusted expenses to total approximately $77 billion.
See Also: Morning Brief: Top Stories Dominating Financial Media on Wednesday, April 13
JPM 52-Week Range: $127.27 - $172.96
According to data from Benzinga Pro, the stock was down 2.88% at $127.75 at time of publication.
Photo: courtesy of JPMorgan.
