rewrite this title JPMorgan Chase tops quarterly expectations as Dimon says U.S. economy faces ‘considerable turbulence’

JPMorgan Chase on Friday reported results that topped estimates on higher-than-expected revenue, helped by booming equity trading activity.

Here’s what the company reported:

Earnings: $5.07 a shareRevenue: $46.01 billion vs. expected $44.11 billion, according to LSEG

The bank said that first-quarter profit rose 9% to $14.64 billion, or $5.07 a share. Excluding a one-time gain of 16 cents per share tied to its First Republic acquisition, JPMorgan earned $4.91 per share, compared with the LSEG estimate of $4.61.

Revenue rose 8% to $46.01 billion, helped by higher asset management and investment banking fees and strong trading results. As with rival Morgan Stanley, equities trading was the quarter’s standout, with revenue surging 48% to $3.8 billion, topping the StreetAccount forecast by about $560 million.

Shares of the firm rose 4%.

While JPMorgan CEO Jamie Dimon touted his company’s solid results in the quarter, he also struck a note of caution on the broader economy. Markets have whipsawed violently since President Donald Trump escalated global trade tensions last week.

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” Dimon said.

“As always, we hope for the best but prepare the Firm for a wide range of scenarios,” he added.

The lack of certainty in the business environment for many companies was expected to cast a pall over some investment banking activities, including IPO listings and merger advice.

But it was also expected to provide a good environment for Wall Street trading desks to print money.

Wells Fargo and Morgan Stanley are also out with quarterly reports report Friday. Morgan Stanley similarly reported surging trading activity.

Goldman Sachs, Bank of America and Citigroup report next week.