5 Stocks Making Headlines After Releasing Their Financial Results

1. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 107

Shares of JPMorgan Chase & Co. (NYSE:JPM) hit a new 52-week low of $126.01 on Wednesday, April 13, 2022, after announcing a disappointing profit for the first quarter. The New York-based bank’s lackluster performance is primarily attributed to the negative effects of the Russia-Ukraine war, rising inflation and supply chain disruptions.

JPMorgan Chase & Co. (NYSE:JPM) also warned of economic uncertainties as a result of the Ukraine war and soaring inflation. For the first quarter, the bank reported earnings of $2.63 per share, representing a sharp decline from $4.50 per share in the year-ago period. Analysts were looking for earnings of $2.73 per share.

On the bright side, JPMorgan Chase & Co. (NYSE:JPM) posted revenue of $31.59 billion, just ahead of the consensus of $31.14 billion. In addition, net interest income rose seven percent to $13.97 billion and topped expectations of $13.7 billion. Moreover, average loans and average deposits for the quarter increased 5 percent and 13 percent, respectively.

Speaking on the results, CEO Jamie Dimon said in a statement:

“We remain optimistic on the economy, at least for the short term – consumer and business balance sheets as well as consumer spending remain at healthy levels – but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine.”

You can also take a peek at 10 Best Value ETFs to Invest in Now and 10 Undervalued Dividend Kings To Buy In 2022.

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