Goldman Sachs Join Other Big Banks To Report Higher Than Expected Q3 Results
Goldman Sachs Group Inc (NYSE: GS) reported net earnings of $2.09 billion, or EPS of $4.88, for the third quarter. In the year-ago quarter, the net earnings were $1.33 billion, or EPS of $2.90. The latest quarter EPS is significantly higher than the Street estimates of $3.79 per share.
Goldman Sachs' net revenue grew from $6.86 billion to $8.17 billion and came in above the Street analysts' predictions of $7.42 billion.
Chairman and CEO, Lloyd Blankfein, commented, "We saw solid performance across the franchise that helped counter typical seasonal weakness. We continue to manage our balance sheet conservatively and are benefiting from the breadth of our offerings to clients."
With this, the company joined other four big financial institutions, JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), Wells Fargo & Co. (NYSE: WFC) and Bank of America Corp. (NYSE: BAC) in reporting higher than expected results for the third quarter.
On October 19, Morgan Stanley (NYSE: MS) will report its quarterly numbers.
Following the results, Goldman Sachs shares advanced $2.89, or 1.71 percent, to $171.89 in pre-market trading.
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