Goldman Sachs Group (NYSE:GS) posted lower net income in the second quarter compared with a year-ago period.
Earnings and Revenue The company experienced stronger-than-expected EPS and revenues. The company reported EPS of $1.78 a share versus the $1.14 a share estimate and revenues of $6.63 billion versus the $6.28 billion estimate. The company's reported EPS came in above the high estimate of 14 analysts of a profit of $1.70.
The company's net income for the quarter was $962 million. According to the reported number, this is down 11.5% from last year's levels. Revenue fell 9% from $9.55 billion in the same period last year.
Company Fundamental Trends
History Against Expectations The company has now topped analyst estimates for the last three quarters.
Official Comment: "During the second quarter, market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth," said Lloyd C. Blankfein, Chairman and Chief Executive Officer. "Still, we remain focused on meeting our clients' needs, while prudently managing our capital, liquidity and risk."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.