National Business
Goldman Sachs 2Q earnings decline, but top estimates
The Associated Press
July 16, 2019 04:53 AM
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FILE – In this Dec. 13, 2016, file photo, the logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange. The Goldman Sachs Group Inc. reports financial results on Tuesday, July 16, 2019.
Richard Drew, File
AP Photo
NEW YORK
NEW YORK (AP) —
Goldman Sachs Group Inc. says second quarter profit fell to $2.42 billion from $2.57 billion a year ago.
The company, based in New York, said it had earnings of $5.81 per share, down from $5.98 per share.
The results still exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $4.73 per share.
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The investment bank posted revenue of $14.15 billion in the period. Its revenue net of interest expense was $9.46 billion, which also topped Street forecasts.
Goldman shares have increased 27% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. The stock has decreased roughly 7% in the last 12 months.