Q2 earnings season is officially off.Moments ago, JPMorgan became the first mega bank to report Q2 earnings (technically Wells beat it by a few second but nobody really cares about that particular bank), firing the starting pistol on the second quarter earnings season. The Q2 results were solid (Net Interest Income and FICC miss but more than offset by blowout Equity Sales and Trading and Investment Banking revenue) , but as we note in out bank earnings preview last night, perfection (and beyond) was already largely priced into the stock which has become a true hedge fund hotel, and as a result the stock is modestly in premarket trading. Here is a snapshot of what the company reported for Q2:EPS $7.70, beating est. of $5.58, and up $2.46 YoYRevenue:
Adjusted revenue $58.02 billion, smashing est $51.39 billion, and up $12.3 billion YoYManaged net interest income $25.62 billion, missing est, $25.64 billion Total Commercial and Investment Bank revenue $24.85BN, up $5.32BN YoY
FICC sales & trading revenue $6.05 billion, missing est. $6.29 billion with weakness in commoditiesEquities sales & trading revenue $6.03 billion, smashing est. $3.98 billionInvestment banking revenue $3.90 billion, smashing est. $3.06 billion
