JPMorgan Chase & Co (NYSE:JPM) is trading higher Friday after the company announced worse-than-expected fourth-quarter revenue results.
JPMorgan reported quarterly earnings of $3.33 per share, which beat the estimate of $3.01 per share. The company reported quarterly revenue of $29.3 billion, which came in below the estimate of $29.9 billion.
JPMorgan saw consumer and community banking numbers rise. Average deposits were up 20% year-over-year, while debit and credit card sales volume was up 26% and active mobile customers were up 11%.
"The economy continues to do quite well despite headwinds related to the Omicron variant, inflation and supply chain bottlenecks," said Jamie Dimon, chairman and CEO of JPMorgan.
Dimon continued, "Credit continues to be healthy with exceptionally low net charge-offs, and we remain optimistic on U.S. economic growth as business sentiment is upbeat and consumers are benefiting from job and wage growth."
JPM Price Action: JPMorgan has traded as low as $127.35 and as high as $172.96 over a 52-week period.
The stock was down 4.41% at $160.81 at time of publication.
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