Goldman Misses Estimates on Bigger Trading Drop Than Rivals
- Fixed-income trading revenue falls 34 percent amid volatility
- Revenue drops below $7 billion for first time in two years
Inside Goldman's Disappointing Earnings Report
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Goldman Sachs Group Inc. reported profit that missed analysts’ estimates for the first time in four years as global market turmoil took a bigger toll on its trading revenue than at rivals.
Third-quarter net income fell 36 percent to $1.43 billion, or $2.90 a share, from $2.24 billion, or $4.57, a year earlier, the New York-based company said Thursday in a statement. Earnings adjusted for an accounting gain were $2.64 a share, short of the $3 average estimate of 22 analysts in a Bloomberg survey. Net revenue was $6.86 billion, falling below $7 billion for the first time in two years.