logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Intel Corp. (INTC), the world's biggest chipmaker, Thursday said its profit and revenues for the fourth quarter trumped Wall Street estimates. The company's shares gained nearly 7 percent driven by strong outlook for the first quarter and full year 2020. Santa Clara, California-based Intel reported... ABH Pharma, Inc. and Stocknutra.com Inc. have recalled all of its dietary supplement products pursuant to a consent decree entered by the U.S. District Court for the Eastern District of New York. The companies have recalled all dietary supplement products manufactured and sold between January 2013... New York-based grocery chain Fairway Market has filed for Chapter 11 bankruptcy protection, but said its stores will remain open across the Tri-State area during the court process and it does not expect any service interruptions. This is the second time the company has filed for bankruptcy. The company earlier filed for Chapter 11 bankruptcy protection in 2016.
Follow RTT
>