Goldman Sachs beats Wall Street earnings and revenue targets, shares rise

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Goldman Sachs Group Inc. GS,
+4.36%
The company posted stronger shares than-expected second-quarter profit, although earnings fell from the year-ago quarter. Goldman Sachs said its net income for the three months ended June 30 fell to $2.77 billion, or $7.73 a share, from $5.35 billion, or $15.02 a share, in the year-ago quarter. Revenue dropped to $11.86 billion from $15.39 billion in the year-ago quarter. Goldman Sachs was expected to earn $6.56 a share on revenue of $10.78 billion, according to FactSet. Goldman said it booked “significantly lower” net revenue in asset management and investment banking, partially offset by “significantly higher” net revenues in global markets and consumer and wealth management. Goldman Sachs shares have fallen 23.2% in 2022, compared to a drop of 13.9% by the Dow Jones Industrial Average DJIA,
+2.15%
and a loss of just under 19% by the S&P 500 SPX,
+1.92%
as of Friday’s close. The Financial Select SPDR ETF XLF,
+3.38%
has lost 18.6% so far this year.

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Credit: www.marketwatch.com /

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