JP Morgan posts Q3 adjusted EPS of $1.36 vs. $1.39 estimate

Investing.com - JP Morgan Chase (NYSE:JPM), the largest U.S. bank, reported weaker-than-expected third quarter earnings and revenue ahead of Tuesday’s opening bell.

JP Morgan said adjusted earnings per share came in at $1.36 in the third quarter, below expectations for adjusted earnings of $1.39 per share and compared to a loss of $0.17 cents in the same period a year earlier.

Net income totaled $5.57 billion, compared with a loss of $380 million in the year-earlier period.

The bank’s revenue totaled $24.25 billion in the three months ended September 30, missing estimates for revenue of $24.43 billion and up from $23.1 billion in the same quarter last year.

According to the report, third quarter results were affected by a $1 billion write-off for legal expenses.

The earnings report, which was scheduled to be released around 7AM EST, was posted ahead of time on website shareholder.com.

A JP Morgan spokeswoman said she had no immediate comment.

Traders will now turn their attention to the bank’s conference call due to start at 8:30 a.m. Eastern Time.

Following the release of the report, shares in JPM (NYSE:JPM) shed 0.6% in pre-market trade.

Meanwhile, the outlook for U.S. equity markets was steady. The Dow 30 futures indicated a loss of 0.1%, the S&P 500 pointed to a gain of 0.1%, while the tech-heavy NASDAQ 100 indicated a rise of 0.1%.