JPMorgan Chase Wednesday reported first-quarter earnings of $2.4 billion, or 68 cents a share, down from a year-ago profit of $4.8 billion, or $1.34 a share. Total net revenue fell 11% in the latest three months to $16.89 billion from $18.97 billion in the same period a year earlier.
The mean estimate of analysts polled by Thomson Financial was for a profit of 64 cents a share on total net revenue of $16.97 billion.
The stock gained 2% to $42.97 in brisk premarket trading. It closed Tuesday's session at $42.12, which put it down 3.5% in 2008
'Our earnings this quarter were down significantly as market conditions and the credit environment remained challenging,' said Jamie Dimon, the company's chairman and chief executive officer.
