Daily Management Review

Goldman Sachs’ Quarterly Profit Slips By 27%


Goldman Sachs witnesses 6% overall revenue drop.

Goldman Sachs Group Inc claimed underwriting related weakness as well as lower fees for “advising on deals” pushed its quarterly profits down by twenty seven percent.
In the quarter ending on September 30, 2019, Goldman saw a drop to “$1.79 billion” in its “net earnings” which affected the common shareholders as well. In comparison to previous year’s figures, the earnings slipped to “$4.79 from $6.28”.
While, the overall revenue dropped by six percent to “$8.32 billion”. As per average analysts’ expectations from Refinitiv’s IBES estimate, per share earnings were at “$4.81” and revenue was at “$8.31 billion”. However, it is not yet understood if the “reported numbers were compatible with the consensus forecast”.
The macro-economic conditions are hurting the investor sentiment leading to a general muted expectation from “most brokerages” that track the “David Solomon-led investment bank”.