JPMorgan Chase & Co. earnings jump 77% in quarter
NEW YORK — JPMorgan Chase & Co. said Thursday its second-quarter net income soared 77 percent to $4.8 billion as a slowdown in losses from failed loans helped offset a difficult spring in trading and investment banking.
The strong results offered hope that loan losses at the nation’s big banks may have peaked in the first half of 2010, a critical step before banks can become stronger and boost lending to consumers and small businesses.
JPMorgan Chase, the first of the big banks to report earnings for the April-June period, easily surpassed analysts’ expectations as it earned $1.09 a share, up 28 cents a share from a year earlier. Analysts had forecast a profit of 67 cents per share in the just-ended quarter. Net revenue, however, fell nearly 8 percent from a year ago to $25.6 billion.
Google Inc.
The Internet-search leader’s second-quarter earnings missed analysts’ target, hurt by higher expenses and the fallout from the European debt crisis.
The letdown announced Thursday stemmed from Google’s expanding payroll and a run-up in the U.S. dollar that has been driven by fears that the euro will crumble if governments in Greece, Spain, Portugal and Italy default on their perilously high debts.
Google earned $1.84 billion, or $5.71 per share, in the April- June period, up 24 percent from $1.48 billion, or $4.66 per share, a year ago. Revenue climbed 24 percent to $6.82 billion.
Advanced Micro Devices Inc.
The chipmaker shrank its second-quarter loss on reviving sales of computers that use its chips and a wrenching years long effort to shed costs.
AMD’s net loss was $43 million, or 6 cents per share, in the quarter ended June 26. Revenue was $1.65 billion.
