J.P. Morgan Chase’s stock drops after profit, sales fall below expectations

J.P. Morgan Chase’s stock JPM, -2.09% fell 1.6% in premarket trade Wednesday, after the banking giant reported disappointing fourth-quarter profit and sales. Net earnings fell to $4.9 billion, or $1.19 a share, from $5.3 billion, or $1.30 a share, in the year-earlier period. Net revenue declined 6% to $23.55 billion. The results include legal expenses of $990 million. Analysts surveyed by FactSet were expecting, on average, earnings per share of $1.31 and revenue of $23.6 billion. Net interest income edged up 2% to $11.3 billion, matching analyst forecasts. Average total deposits rose 8% to $497.7 billion, while mortgage originations declined 1%. The stock, a component of the Dow Jones Industrial Average, has lost 6% so far this year, while the Dow has slipped 1.2%.

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