Financial Markets Goldman Sachs’ quarter soured by disappointing banking earnings, writedowns for Uber and other investments (GS)

Reuters/ Shannon Stapleton

• Goldman Sachs reported third-quarter revenues before markets opened on Tuesday.
• The bank traded as much as 1.9%lower after missing analyst price quotes for quarterly earnings per share. It likewise published a decline in investment-banking earnings.
• Goldman stated it took a $267 million markdown on public financial investments in business like Uber and Tradeweb Markets.
• Watch Goldman Sachs trade live here

Goldman Sachs reported third-quarter earnings that missed analyst quotes on Tuesday early morning. The company also reported investment-banking earnings that declined 15%from the prior duration.

The investment bank likewise took a $267 million markdown on public investments in companies like Uber and Tradeweb Markets. It marked the worst performance in three years for the bank’s equity financial investments, according to Bloomberg.

Goldman’s stock fell as much as 1.9%on the report.

Here are the key numbers:

• Income: $8.32 billion, versus the $8.31 billion price quote
• Earnings per share: $4.79, versus the $4.86 estimate
• Investment-banking revenue: $ 1.69 billion, versus the $1.80 billion price quote
• Equities sales and trading earnings: $1.88 billion, versus the $1.82 billion estimate
• Fixed-income sales and trading earnings: $1.41 billion, versus the $1.35 billion quote

” Our outcomes through the third quarter reflect the underlying strength of our international customer franchise and its ability to produce strong lead to the context of a mixed operating environment,” CEO David Solomon stated.

Goldman is among a number of banks announcing revenues today; Citibank and JPMorgan Chase are set to announce their most current figures on Tuesday. Bank of America, Netflix, and American Express are amongst the other large-cap business scheduled to release third-quarter reports today.

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Goldman Sachs closed at $20582 on Monday, up approximately 23%year-to-date.

The bank has 11 “purchase” rankings, 12 “hold” scores, and 2 “offer” ratings from experts, with an agreement cost target of $236, according to Bloomberg data.

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