摩根大通本季度表现喜忧参半：每股收益5.75美元，低于预期的5.94美元；FICC交易收入53.7亿美元，低于约60亿美元的预期，不过股票交易业务部分抵消了这一影响。股价盘前下跌约3%，但在全年净利息收入指引约为1062亿美元、高于约1053亿美元预期后转涨；Jamie Dimon对风险持谨慎态度。
逐段跳播
不过，我们先从JPMorgan Chase说起。他们是第一家公布这些业绩的，有意思的是，在我们还没开始讨论之前，股价就已经受到了影响。我看到股价略微走高。
But let's start with JPMorgan Chase. They were the first to start these results, and what is interesting is that the stocks were affected initially before we even started talking. I saw that the shares were slightly higher.
是的，这个季度表现非常参差不齐。如你所知，这次罕见地未能达到预期区间的上下限。每股收益为5.75美元，而预期为5.94美元。管理口径收入约为509亿美元。总收入约为502亿美元。这算是一个小幅不及预期。
Yes, it was a very mixed quarter here. As you know, there has been a rare failure to achieve the profits of the upper and lower expectations. Earnings per share came in at $5.75, compared to the expected $5.94 .
The managed revenues amounted to approximately $50.9 billion. Total revenues amounted to approximately $50.2 billion. That was a minor failure.
如果你看一下，股价走势已经反转了。要知道，在JPMorgan出来表示预计本财年净利息收入约为1062亿美元、而市场预期约为1053亿美元之前，股价在盘前交易中下跌了约3%。因此，这立刻推动股价转为上涨。
If you look at it, the stock's performance has reversed. Remember that it fell by about 3% in pre- trading before JPMorgan came out and said they expect net interest income for the fiscal year of about $106.2 billion, compared to estimates of about $105.3 billion.
Therefore, this immediately caused the stock to move into positive territory.
现在，我们来分析一些数字。我认为最大的担忧在于大宗商品和货币交易。固定收益、货币和大宗商品交易收入为53.7亿美元，而他们的预期约为60亿美元。不及预期的幅度为10.5%。投资银行业务收入达到31亿美元。
我们看到股票交易表现强劲，抵消了固定收益、货币和大宗商品交易收入的部分损失。消费者银行净利润同比增长13%，达到近57亿美元，资产与财富管理净利润约为18.4亿美元。这同比增长了11%。
Now, let's analyze some numbers. I think the biggest concern was about trading in commodities and currencies. Revenue from trading in fixed income, currencies and commodities amounted to $5.37 billion, compared to their estimate of approximately $6 billion.
That was a failure rate of 10.5%. Investment banking revenues reached $3.1 billion. Dollars. We have seen strength in equity trading that has offset some of the loss in fixed income, currency and commodity trading revenues.
Net income from consumer banking rose 13% year-on-year to nearly $5.7 billion, and net income from asset and wealth management was around $1.84 billion. That was an 11% year-on-year increase.
所以，尽管他们在盈利上下限方面有所不足，我认为当你开始审视净利息收入、大宗商品交易和固定收益时，应该把这一点考虑进去，这些方面略弱一些。Jamie Dimon自然出来发表了他关于风险的谨慎表态，但他指出，每一条业务线都表现良好，现阶段他们所有板块的收入都有所增长。
So, despite their shortcomings in upper and lower earnings, I think you should take that into account when you start looking at net interest income, commodity trading and fixed income, which were slightly weaker.
Jamie Dimon naturally came out with his cautious note about the risks, but he pointed out that every line of business had performed well and revenues had increased across all their sectors at this stage.
这个频道对 $JPM 的历次判断
Schwab Network 在这只股票上共 6 条判断，这里只列相邻的几条。