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Goldman Sachs Q3 Profit Declines, Miss Estimates - Quick Facts

The Goldman Sachs Group, Inc. (GS) reported Tuesday that net earnings applicable to common shareholders for the third quarter decreased to $1.79 billion or $4.79 per share from $2.45 billion or $6.28 per share in the year-ago quarter.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $4.81 for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter declined 6 percent to $8.32 billion from last year, primarily reflecting lower net revenues in Investing & Lending and Investment Banking, partially offset by higher net revenues in Institutional Client Services. Analysts expected revenue of $8.31 billion for the quarter.

Institutional Client Services net revenues grew 6 percent to $3.29 billion, while Investing & Lending net revenues declined 17 percent to $1.68 billion from last year.

Net revenues in Investment Banking declined 15 percent from last year to $1.69 billion, and net revenues in Investment Management declined 2 percent to $1.67 billion from the previous year.

Provision for credit losses for the quarter was $291 million, up 67 percent from last year, primarily reflecting higher impairments.

Additionally, the Board of Directors of Goldman Sachs declared a dividend of $1.25 per common share to be paid on December 30, 2019 to common shareholders of record on December 2, 2019.

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