JPMorgan Chase Takes Big Earnings Hit in Q1

JPMorgan Chase (NYSE: JPM) saw first-quarter earnings per share drop 71% compared to the same period the year before, the company reported Tuesday morning.

Net revenue fell only 3% to $29.1 billion, but the firm was hurt by a surge in credit losses. Provision for credit losses jumped to $8.3 billion, up $6.8 billion from the first quarter of 2019. The increase in credit losses is due to the "deterioration in the macro-economic environment" from the coronavirus pandemic as well as pressure on oil prices.

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Source Fool.com