The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base.
Goldman Sachs reported Q3 earnings on Tuesday disappointing expectations and witnessed shares declining by 3.3%.
The bank reported a profit of $1.88 billion, or $4.79 a share falling below expectations at $4.81, as per Refinitiv. The investment bank reported lower business activity via its investing, lending and investment banking divisions with the former missing the expectations by the largest degree. Revenue dropped by 6% at $8.32 billion, a little above the $8.31 billion expected.
Bank’s Investment Banking division reported $1.69 billion in revenue, in comparison to $1.72 billion expected. Investment management met expectations at $1.67 billion. The bank suffered by its holdings in Uber, Avantor, and Tradeweb, driving losses of $267 million in the quarter, the bank reported.
“Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment,” “We continue to execute on our strategic priorities, including investing in important growth opportunities in our existing and new businesses,” stated Chief Executive Officer David Solomon in the earnings release.
To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page.
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