CEO predicts continued weakness in market as JPMorgan Chase reports lower earnings
JPMorgan (NYSE:JPM) reported-first quarter net income of $2.4 billion, down 50 percent from $4.8 billion in the first quarter of 2007. Earnings per share of 68 cents were down 49 percent, compared with record earnings per share of $1.34 in the first quarter of 2007.
Net revenue hit $17.9 billion, down $1.8 billion, or 9 percent from the prior year. Credit losses and write-downs topped $5.1 billion, up 45 percent from $3.5 billion reported the same time last year.
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