S&P 500 (NYSE:SPY) component Goldman Sachs Group Inc. (NYSE:GS) reported its results for the second quarter. Goldman Sachs Group, Inc. is a global investment banking and securities firm that specializes in investment banking, trading and principal investments, asset management and securities services.
Goldman Sachs Group Earnings Cheat Sheet for the Second Quarter
Results: Net income for Goldman Sachs Group Inc. rose to $1.09 billion ($1.85 per share) vs. $613 million (78 cents per share) in the same quarter a year earlier. This marks a rise of 77.3% from the year earlier quarter.
Revenue: Revenue fell 39% to $7.28 billion from the year earlier.
Actual vs. Wall St. Expectations: GS fell short of the mean analyst estimate of $2.29 per share.
Quoting Management: “During the second quarter, the operating environment was more difficult given global macro- economic concerns,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “In addition, certain of our businesses had disappointing results as we reduced our market risk in response to attempting to manage fluctuations in prices and market liquidity. Despite these challenges, we continued to address our clients’ needs through our strong global franchise and are well positioned to respond as economic conditions and sentiment improve.” Read More
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