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Goldman Sachs posts its worst earnings miss in a decade as revenue falls while expenses rise

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EARNINGS: -Goldman Sachs posts its largest earnings miss in a decade -Morgan Stanley’s earnings top Wall Street expectations TheDomino has the numbers.

Revenue: $10.59 billion vs. $10.83 billion

The bank said quarterly profit plunged 66% from a year earlier to $1.33 billion, or $3.32 per share, about 39% below the consensus estimate. That made for the largest EPS miss since Oct. 2011, according to Refinitiv data.Shares of the New York-based bank dipped 2.4% in premarket trading. "Widely expected to be awful, Goldman Sachs' Q4 results were even more miserable than anticipated," Octavio Marenzi, CEO of Wall Street consultancy Opimas, said in an email. "Revenues were largely in line with forecasts, but earnings took a big hit. The real problem lies in the fact that operating expenses shot up 11%, while revenues tumbled."Goldman said operating expenses jumped 11% from a year earlier to $8.

How long will the investment banking drought last? That's one of the top questions analysts will have for Goldman CEO David Solomon.

 

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