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JPMorgan shares jump after record trading revenue drives stronger-than-expected second quarter profit

July 14, 2020

Via: CNBC

JPMorgan Chase on Tuesday reported second-quarter profit that beat analysts’ expectations on record trading revenue bolstered by surging volatility and the Federal Reserve’s unprecedented actions to prop up credit markets.

The bank posted earnings of $4.69 billion, or $1.38 a share, exceeding the $1.04 per share estimate of analysts surveyed by Refinitiv. Revenue of $33 billion exceeded the $30.3 billion estimate. Shares of the New York-based lender were up 1.4% in early trading after jumping as much as 4% in the premarket.

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