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Steven ML
Jul 19, 2023 10:08AM ET
In other words: stock will go up
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Goldman Sachs posts Q2 profit miss amid one-off charges
Published Jul 19, 2023 07:30AM ET
Updated Jul 19, 2023 08:27AM ET
© Reuters.
Investing.com -- Goldman Sachs (NYSE:GS) has reported worse-than-expected second quarter earnings per share, as the banking giant was hit by one-off charges related to its home improvement lending group GreenSky and losses on its consumer and real estate loan portfolios.
Diluted earnings per share for the three months ended on June 30 dropped by 60% to $3.08, under Refinitiv projections of $3.18. Total net revenue, meanwhile, fell by over 8% to $10.89 billion, although this still managed to top estimates of $10.66B.
Weighing on performance was a $504 million write-down on GreenSky, which Goldman purchased in 2021 and is attempting to sell. The company also booked a $485M impairment charge linked to its consolidated real estate investments.
Investment banking fees also dropped by 20% to $1.43B, while trading revenue from fixed income, currency, and commodities slipped by more than a fourth. Like some of its banking rivals, Goldman's investment and trading business has suffered from a slowdown in dealmaking followed by a string of Federal Reserve interest rate hikes that has put pressure on the U.S. economy.
Shares in Goldman edged lower in premarket trading on Wednesday.
Chief executive David Solomon and other members of Goldman's management team had already flagged that this would be a challenging quarter, fueling debate among analysts over how bad the earnings would be for one of Wall Street's most powerful banks.
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Comments (3)
LEVENTE HUGO BARA
Jul 19, 2023 10:08AM ET
Hahahhaaaa that is a good one
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Jarran Strzelecki
Jul 19, 2023 9:29AM ET
goldman always misses earnings, no surprise. Headed downhill since 2020
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Derick Lim
Jul 19, 2023 7:57AM ET
WTF.... Goldman Sachs earnings are even lesser than last year result after lowering current earnings forecast.......only managed to achieve 50% if last year EPS but still claim to beat expectations?
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AMMM
Jul 19, 2023 7:57AM ET
I'm afraid this is a new normal in the current markets. Better than feared is bullish.
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