Huffpost Business

Goldman Sachs Misses Profit Expectations, Earning $1.05 Billion In Second Quater

Posted: Updated:
GOLDMAN EARNINGS

Goldman Sachs Group Inc's net income rose during the second quarter but fell short of lowered market expectations as fixed income trading revenue dropped sharply.

The biggest U.S. investment bank by assets earned $1.05 billion, or $1.85 per share, more than double the $453 million, or 78 cents per share, of a year earlier, Goldman said on Tuesday.

Revenue dropped 17.6 percent to $7.3 billion, while expenses fell a more dramatic 23.3 percent. Fixed income, currency and commodities trading revenue fell 53 percent to $1.6 billion.

Analysts, on average, had forecast earnings of $2.27 per share on revenue of $8.1 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Lauren Tara LaCapra, editing by Knut Engelmann and John Wallace

Copyright 2011 Thomson Reuters. Click for Restrictions.

Around the Web

Goldman Sachs earns $13 billion in 2009

Goldman Sachs Profit Drops 82%, Missing Estimates - Businessweek

Trade the Earnings: Goldman Sachs Group, Inc.

Goldman Sachs Disappoints