Goldman Sachs Profit, Revenue Beat Expectations
July 19 2016 - 8:20AM
Dow Jones News
Goldman Sachs Group Inc. said its quarterly earnings rose as the
Wall Street firm rebounded from a brutal start to the year.
Earnings and revenue easily beat expectations.
The New York-based bank's second-quarter net income climbed to
$1.82 billion, or $3.72 a share, from $1.05 billion, or $1.98, a
share a year earlier. Profit in the year-earlier quarter was
weighed down by $1.45 billion in legal expenses that went toward an
eventual mortgage-related settlement with the U.S. Department of
Justice.
Revenue dropped to $7.93 billion from $9.07 billion.
The Wall Street firm was expected to earn $3 a share on revenue
of $7.58 billion, the average estimates of analysts polled by
Thomson Reuters.
Revenue in the bank's investment banking division declined 11%
to $1.79 billion, hurt by a drop from the financial advisory and
equity underwriting segments. The bank highlighted that its revenue
from debt underwriting rose 20% amid asset-backed activity.
Goldman shares, which were little changed premarket, have fallen
9.4% since the start of 2016, worse than the 7.7% fall in the KBW
Nasdaq Bank index of large commercial lenders.
Write to Peter Rudegeair at Peter.Rudegeair@wsj.com and Liz
Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
July 19, 2016 08:05 ET (12:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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