JP Morgan (JPM) Beats Estimates, Profits Fall 50%

JPMorgan (JPM) earnings beat consensus despite $5.1 billion worth of subprime writedowns. The bank reported net income of $2.4 billion, or 68 cents a share, on $16.9 billion of revenue, exceeding street expectations, which averaged 64 cents a share. Despite the billions of writedowns, JPM has weathered the credit crunch better than most of the big banks.

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