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JPMorgan's stock hits all-time highs after big Q3 earnings beat

Julia La Roche

JPMorgan Chase’s (JPM) stock rallied to all-time highs on Tuesday, after the largest U.S. bank by assets reported third-quarter earnings that blew away Wall Street’s expectations.

Here were the key figures from the report, compared to consensus expectations compiled by Bloomberg:

  • Revenue: $29.3 billion vs. $28.46 billion expected

  • Adj. earnings: $2.68 per share, vs. $2.46 per share expected

Revenue for the quarter set a record, and was even higher on an adjusted basis at $30.06 billion, bolstered by broad strength in nearly all its major business lines.

“The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels. This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade,” said CEO Jamie Dimon.

The stock, traded on the New York Stock Exchange, jumped more than 3.6% from Monday’s close to trade north of $120.70 per share.

JPMorgan maintained its No. 1 spot for global investment banking fees, with 9.3% of the wallet share this year. Dimon noted that the firm had a record quarter for investment banking fees with "particularly strong performance in [Debt Capital Markets] and [Equity Capital Markets]." Banking revenue for the quarter was $3.3 billion, up 2% from the same quarter a year ago. Investment banking revenue was $1.9%, up 8% on higher underwriting fees.

IMAGE DISTRIBUTED FOR JPMORGAN CHASE & CO- Jamie Dimon, Chairman and CEO, JPMorgan Chase, speaks at the Chase NYC Flagship, Tuesday, June 25, 2019 in New York. (Adam Hunger/AP Images for JPMorgan Chase & Co.)

Total markets revenue came in at $5.1 billion, up 14% from last year. Fixed income revenue rebounded 25% to come in at $3.6 billion, "driven by strong client activity across products." Equity markets revenue slipped 5% to $1.5 billion "reflecting lower revenues in derivatives."

Elsewhere, in the consumer and community bank, credit card sales volume rose 10% in the quarter, while merchant processing jumped 11%.

JPMorgan kicked earnings season off for the big financials. Goldman Sachs (GS), Wells Fargo (WFC), and Citigroup (C) reported results on Tuesday. Bank of America (BAC) will report on Wednesday and Morgan Stanley (MS) on Thursday.

Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.

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