JPMorgan Chase is the latest company to abandon the newswires at earnings time.
The New York money center bank on Tuesday said that it would post its fourth-quarter and full-year 2015 financial results on Jan. 14 on the company’s investor relations website. But it will not send out a press release through the newswires that contains its full earnings press release and other materials. Instead, it will provide a link to the investor relations website in a press release issued on Business Wire.
JPMorgan Chase also said it will notify investors that earnings results have been issued through its social media handles @JPMorgan and @Chase on Twitter; through subscription-based push emails; and on the Securities and Exchange Commission’s Edgar website.
An increasing number of firms are following the lead of Alphabet, formerly Google, as well as GE and Goldman Sachs, and forgoing newswires, after some earnings releases were mistakenly sent out early by the distributors, according to The Wall Street Journal.
“Around a year ago, Nasdaq’s investor-relations company, Shareholder.com, inadvertently published a supplement to J.P. Morgan’s quarterly results on its website at about 3:30 a.m. ET, more than three hours before it should have,” the WSJ wrote. “Shareholder.com blamed the premature release on human error.”