Goldman Sachs reported earnings that, while lower than last year, beat expectations. Some volatile activities worked in its favor, writes johnsfoley.
Goldman Sachs on July 16 reported net income of $2.4 billion for the second quarter of 2019, equating to diluted earnings of $5.81 per share, almost 3% less than the previous year but higher than analyst forecasts of $4.91, according to data from Refinitiv. Revenue was $9.5 billion, a 2% fall from the same period last year.
The Wall Street firm almost doubled its income from investment in equities. Within that was a roughly $500 million gain from holdings that went public during the quarter, including a gain of roughly $375 million from the initial public offering of Tradeweb Markets in April. Goldman Sachs’s trading revenue of $3.5 billion fell 3% from the second quarter of 2019. Equities trading revenue increased 6%, having fallen during the quarter for rivals JPMorgan and Citigroup, while fixed income was down 13%.
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