Goldman Sachs profit estimates stronger than anticipated for third-quarter

https://www.mobilepaymentstoday.com/news/goldman-sachs-profit-estimates-stronger-than-anticipated-for-third-quarter/

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.

https://www.mobilepaymentstoday.com/news/goldman-sachs-profit-estimates-stronger-than-anticipated-for-third-quarter/