Goldman Sachs Profit Drops 82%, Missing Analysts’ Estimates
This article is for subscribers only.
Goldman Sachs Group Inc. said second-quarter profit dropped 82 percent, missing analysts’ estimates on a slide in trading revenue five days after settling U.S. regulators’ fraud allegations.
Net income fell to $613 million, or 78 cents a share, from $3.44 billion, or $4.93, a year earlier, New York-based Goldman Sachs said in a statement today. The average estimate of 21 analysts surveyed by Bloomberg was for earnings of $1.99 per share, with estimates ranging from 77 cents to $4.34. Some of the analysts didn’t include costs of the settlement.