Jamie Dimon (Getty Images)

JPMorgan reports ‘highest quarterly profit in the history of American banking’

Wall Street was disappointed.

7/12/24 9:37AM

JPMorgan Chase fired a very loud, quasi-official starting gun for the earnings season on Friday, posting a massive $18.1 billion Q2 profit, which Bloomberg called the “highest quarterly profit in the history of American banking.”

All cylinders of the American financial behemoth’s earnings engines were purring, with investment banking fees, equities trading revenues and net interest income — the difference between what it pays to borrow money and charges to lend it — rising. The gigantic profit number was boosted by $8 billion worth of one-time gains mostly related to Visa stock that JPM owns.

Naturally, JPMorgan stock fell 2%, which Bloomberg attributed to the fact that the company fell slightly short of estimates analysts had penciled in for net interest income.

CFO Mandy Fields sees e.l.f. Beauty in growth mode, as company beats on sales and earnings

The new owner of rhode beat estimates for its fiscal third quarter and boosted its guidance for the full year, even as headwinds in the UK and Germany continued.

Claire Yubin Oh11h

Max Knoblauch12h

Roblox answers Google’s Project Genie, launching the open beta for its “4D” AI creation tool

Roblox on Wednesday launched the open beta of its “4D” AI creation model, less than a week after the launch of Google’s Project Genie, an AI-powered interactive world generator.

The tool allows users to generate interactive objects that can be used in gameplay, such as a drivable car or a flyable plane, as opposed to static 3D objects.

Roblox’s “4D” system relies on rule sets called schemas that create objects out of multiple parts, allowing cars to have a body and movable wheels, for example.

“We expect to soon include schemas that cover the range of thousands of objects in the real world,” the company said.

The move to bring the tool out of early access and into open beta appears to be a response to Google’s Project Genie, which allows users to generate “playable” worlds out of a text or image prompt. Gaming stocks like Roblox, Take-Two, and Unity Software have dropped in the days since Project Genie’s release, though Wall Street analysts largely believe the market reaction to be unjustified, as interactivity through Google’s tool is limited.

Roblox's 4D creation feature is now available in open beta | TechCrunch

Roblox’s “4D” system relies on rule sets called schemas that create objects out of multiple parts, allowing cars to have a body and movable wheels, for example.

“We expect to soon include schemas that cover the range of thousands of objects in the real world,” the company said.

Hims adds cancer detection test to Labs product

Its lab analysis product will be a central part of the company’s upcoming Super Bowl ad.

J. Edward Moreno18h

Walmart joins the trillion-dollar club, becoming only the third non-tech American firm to do so

Shares have surged on rapid e-commerce growth, digital advertising, and new AI partnerships. Maybe Walmart isn’t that “offline” after all.

Hyunsoo Rim19h

Tom Jones

chips are down

22h

PepsiCo is cutting snack prices across the US, with consumers “feeling the strain”

Snacks accounted for 85% of Pepsi’s North American profits last year. Does PepsiCo need a name change?