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Goldman Sachs Sells Entire Uber Stake - Report

Published 01/15/2020, 11:00 AM
Updated 01/15/2020, 11:04 AM
© Reuters.

By Kim Khan

Investing.com - Goldman Sachs (NYSE:GS) sold out of Uber (NYSE:UBER) completely in the fourth quarter for what was likely a large gain, according to a published report Wednesday.

Goldman shed its complete stake, although it was unclear what had prompted the company to cash in on its investment in the ride-share giant, CNBC reported, citing a person familiar with the matter.

The sales would’ve booked a large quarterly gain in revenue for its fourth-quarter top line, CNBC said.

Goldman reported fourth-quarter results before the bell today, posting a rare miss on earnings, but a beat on the top line.

The company reported earnings per share of $4.69 on revenue of $9.96 billion. Analysts polled by Investing.com forecast EPS of $5.56 on revenue of $8.53 billion.

Revenue from its fixed-income, currencies and commodities trading rose 63% from a low base in the fourth quarter of 2018 to $1.77 billion.

Goldman owned about 10 million shares of Uber (NYSE:UBER) as of the fourth quarter, according to Bloomberg. Based on Uber’s share price, Goldman could have taken in anywhere from about $290 million to $340 million from the sale.

Latest comments

Ouch
I giess it was offsetting huge losses somewhere else . This strategy ofcourse will not work again as it sold one of ita profitable stakes. I giess it means sell shares of goldman sachs .
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