And we're off.
Earnings season started off with a bang, which was dampened when JPMorgan Chase (JPM - Get Report) announced earnings Tuesday, Jan. 15. The earnings, which marked the first time that JPMorgan had missed profit estimates in four years, quickly sent shares of the bank tumbling.
Citigroup, which announced earnings before the bell Monday, Jan. 15, posted a fourth-quarter profit that beat analysts' estimates, with CEO Michael Corbat cutting costs as revenue slid, reported TheStreet's Bradley Keoun.
Net income rose 67% to $7.07 billion, benefiting from the 2017 tax cuts and rebounding from a big write-down taken a year earlier, the New York-based bank said Tuesday in a press release. Earnings per share were $1.98, below the average analyst estimate of $2.20 in a FactSet survey.
Net revenue rose 7% from a year earlier to $26.1 billion, JPMorgan said, less than estimated by analysts at the brokerage firm Keefe, Bruyette & Woods. Volatile markets in the fourth quarter took a toll on bond trading and commodities, partially offset by strength in emerging markets, the bank said.