Goldman Sachs posted third-quarter results that were stronger than analysts’ profit estimates were expected in bond trading and asset management, according to a report from CNBC.
Here’s how its third-quarter earnings results panned out:
- The firm generated $3.62 billion in profit, or $9.68 a share, exceeding the $5.57 per share estimate of analysts surveyed by Refinitiv.
- Companywide revenue of $10.78 billion exceeded the estimate by more than $1 billion.
- Shares of the bank gained 2.2% in premarket trading.
- The trading division generated $4.55 billion in revenue, a 29% increase from a year earlier, which was fueled by bond trading results of $2.5 billion, nearly half a billion dollars more than analysts expected.
- Equities trading revenue of $2.05 billion matched expectations.
- The asset management division produced $2.77 billion in revenue, a 71% gain from a year earlier and nearly $900 million more than the $1.91 billion FactSet estimate.
“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,” David Soloman, CEO said in the report.