UPDATE: JP Morgan Reports Upbeat Q2 Results

J.P. Morgan Chase & Co JPM reported a 13% rise in its second-quarter net income. JPM reported its quarterly profit at $5.43 billion, or $1.27 per share, up from $4.8 billion, or $1.09 per share, in the year-ago quarter. Its revenue surged to $26.78 billion from $25.1 billion. However, analysts were expecting a profit of $1.22 per share on revenue of $25.02 billion. JPM shares gained 0.96% to $40.00 in pre-market trading.