JPMorgan Chase & Co. (JPM) Earnings Exceed Expectations


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Financial services giant JPMorgan Chase & Co. ( JPM ) on Friday reported that its third quarter earnings exceeded analysts expectations.

The New York based company reported that its third quarter net income was a record $5.71 billion, or $1.40 a share, compared with $4.26 billion, or $1.02 a share, a year earlier.

Quarterly revenue rose year-over-year from $23.76 billion to $25.15 billion, or 5.5%.

On average, Wall Street analysts expected a smaller profit of $1.17 per share on lower revenue of $24.53 billion.

JP Morgan CEO Jamie Dimon commented, "The Firm reported strong performance across all our businesses in the third quarter of 2012. Revenue for the quarter was $25.9 billion, up 6% compared with the prior year, or 16% before the impact of DVA. These results reflected continued momentum in all our businesses."

JPMorgan's share price was mostly flat in premarket trading.

The Bottom Line
Shares of JP Morgan Chase ( JPM ) have a 2.85% dividend yield, based on last night's closing stock price of $42.10. The stock has technical support in the 438 price area. If the shares can firm up, we see overhead resistance around the $44-$46 price levels.

JPMorgan Chase & Co. ( JPM ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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