Companies forecast sales and profit numbers to Wall Street analysts, who use it to produce research and stock recommendations for investors.
Dimon is the chairman of the Business Roundtable, an association of CEOs of America's leading companies working to promote a thriving US economy.
Investor Warren Buffett gestures on stage during a conversation with CNBC's Becky Quick, at a national conference sponsored by the Purpose Built Communities group that Buffett supports, in Omaha, Neb., Tuesday, Oct. 3, 2017, Buffett discussed what philanthropy can do to help fight poverty. JPMorgan Chase reported lower fourth-quarter earnings January 12, 2018 on weak trading revenues and one-time costs from U.S. tax reform, partly offset by gains from higher interest rates.Net income for the quarter ending December 31 was $4.2 billion, down 37 percent from the year-ago period. "We're hoping a bunch of companies drop it right away".More news: Stormy Daniels Pulls Out Of Next Week's Windsor Visit
Neither Buffett and Dimon nor the Business Roundtable is arguing against quarterly or annual reports from public companies.
Executives often feel pressure to make quarterly forecasts, but "it can often put a company in a position where management from the CEO down feels obligated to deliver earnings and therefore may do things that they wouldn't otherwise have done", Dimon said in a rare joint interview with Buffett airing Thursday on CNBC's Squawk Box .
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Quarterly results are influenced by the weather, commodity prices and other factors beyond the control of CEOs, Dimon said.
Buffett, who is chairman of Berkshire Hathaway Inc (BRKa.N), and Dimon wrote in a Wall Street Journal column on Thursday that the pressure to meet short-term estimates has contributed to a fall in the number of USA public companies.
However, companies that are in favor of issuing guidance say that it improves communications with Wall Street, lowers share price volatility and results in higher valuations.More news: Martin Truex pulls away on final restart to win at Pocono Raceway