Goldman Beats Estimates With Third Quarter Earnings
On Wednesday, Goldman Sachs posted third-quarter earnings that crushed analyst expectations, according to CNBC.
Massive growth in the asset management and bond trading divisions helped the company outperform.
- Goldman reported $3.62 billion in profit, $9.68 a share. Analysts expected $5.57 per share.
- The investment bank's overall revenue surged 30 percent to $10.78 billion, beating expectations by more than $1 billion.
- Trading revenues came in at $4.55 billion, a 29 percent increase from a year earlier.
- The asset management decision reported $2.77 billion in revenue, a 71 percent gain from a year earlier.
Shares were up almost 2 percent in intraday trading but closed only .2 percent higher. “Our ability to serve clients who are navigating a very uncertain environment drove strong performance across the franchise, building off a strong first half of the year,” CEO David Solomon said.
Goldman has been busy launching digital banking products in an attempt to disrupt the retail banking market. Goldman shares are down around 8 percent this year, performing far better than their competitors.