Goldman profit slides 53%, shares drop
Goldman Sachs Group Inc posted a 53% decline in quarterly profit on Wednesday, in part reflecting lower results in fixed-income trading.
January 19, 2011 / 19:57 IST
Goldman Sachs Group Inc posted a 53% decline in quarterly profit on Wednesday, in part reflecting lower results in fixed-income trading.
Goldman shares fell 2.7% to USD 169.90 in premarket trading.Fourth-quarter net income after payment of preferred stock dividends totaled USD 2.23 billion, or USD 3.79 per share, compared with USD 4.79 billion, or USD 8.20 a share, a year earlier.Analysts on average expected USD 3.76 per share, according to Thomson Reuters I/B/E/S.Goldman said net revenue fell 10% to USD 8.64 billion, compared with the average analyst forecast of USD 9 billion.Net revenue in fixed income, currency and commodities slid 39% from the third quarter to USD 1.64 billion, reflecting what Goldman called "generally low client activity levels."Still, Chief Executive Lloyd Blankfein in a statement said the bank is "seeing signs of growth and more economic activity" following "difficult" market and economic conditions for much of 2010. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
