Goldman Sachs Seen Headed to Steep Earnings Drop

📆 12/10/2023 18:20:00
📰 NEWSMAX

⏱ Reading Time:
40 sec. here
2 min. at publisher
📊 Quality Score:
News: 19%
Publisher: 71%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Goldman Sachs appears headed to another set of weak quarterly earnings as deal-making lags and the bank retreats from a loss-making consumer business.

Goldman is expected to report third-quarter earnings per share of $5.31 when it reports results on Tuesday, according to average estimates compiled by LSEG. That would reflect a 36% decline from its EPS of $8.25 a year earlier.

The company's third-quarter results will be depressed by writedowns of $300 million to $350 million on its commercial real estate assets, analysts wrote, after it set aside $485 million in the second quarter.Goldman Sachs declined to comment ahead of its earnings. CEO David Solomon is scaling down the company's consumer business after it lost $3 billion over three years.

UBS on Wednesday cut its target price for Goldman Sachs to $382 a share from a previous target of $400. UBS still has a buy rating on the stock. The firm has taken a leading role in several initial public offerings this year, including for chip designer Arm Holdings, but its business advising on mergers and acquisitions has remained weak in line with the broader industry, Biggar said.

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:

Write Comment

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

Goldman Sachs seen headed to steep earnings drop as deal-making lagsGoldman Sachs seen headed to steep earnings drop as deal-making lags
Source: Investingcom - 🏆 450. / 53 Read more »

Goldman Sachs seen headed to steep earnings drop as deal-making lagsGoldman Sachs (GS.N) appears headed to another set of weak quarterly earnings as deal-making lags and the bank retreats from a loss-making consumer business.Goldman is expected to report third-quarter earnings per share (EPS) of $5.31 when it reports results on Tuesday, according to average estimates compiled by LSEG.
Source: Reuters - 🏆 2. / 97 Read more »

Goldman Sachs warns of hit to third-quarter earnings on deal to offload GreenSkyGoldman Sachs said Wednesday that it agreed to sell its fintech lending platform GreenSky to a group of investors led by private equity firm Sixth Street. The…
Source: nbcchicago - 🏆 545. / 51 Read more »