Goldman Sachs Beats Estimates as Banking Revenue Rises
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Goldman Sachs Group Inc., the biggest securities firm by revenue, said profit dropped 40 percent, beating analysts’ estimates, as lower costs and higher investment-banking revenue cushioned a decline in trading.
Third-quarter net income fell to $1.9 billion, or $2.98 a share, from $3.19 billion, or $5.25, a year earlier, the New York-based bank said today in a statement. The average estimate of 20 analysts surveyed by Bloomberg was $2.29 a share, with predictions ranging from $1.81 to $3.09.