News Formal

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

  • 📰 CNBC
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 72%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Goldman Sachs is set to report fourth-quarter earnings — here's what the Street expectsHow long will the investment banking drought last? That's one of the top questions analysts will have for Goldman CEO David Solomon. Their starting salary Kicks the House Down. Thats what I think.
Source: CNBC - 🏆 12. / 72 Read more »

Goldman Sachs misses its earnings estimate, while Morgan Stanley beats as profits dropWhile Morgan Stanley beat its earnings target and Goldman fell well short, both investment banks reported lower net income against a strong year-ago quarter.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks bonds options to buy in 2023: Goldman Sachs strategy outlookGoldman Sachs lays out its strategy for profiting with stocks, bonds, and options in 2023 despite a rocky year — and why investors shouldn't make any big strategy changes bei durchschnittlich über 100Std. Wochenarbeitszeit geht sich schon das eine und andere Strategiepapier aus 🤦‍♂️
Source: BusinessInsider - 🏆 729. / 51 Read more »