Second-Quarter Earnings Disappoint Wall Street
Goldman Sachs Group Inc. (GS) saw its stock decrease by 0.7% in premarket trades on Wednesday following the release of its second-quarter earnings report. The bank reported earnings of $1.07 billion, or $3.08 per share, for the three-month period ending June 30. This is a significant drop from earnings of $2.79 billion, or $7.73 per share, during the same period last year, falling short of Wall Street’s lower expectations.
Analysts had projected earnings of $3.16 per share for this quarter, according to estimates compiled by FactSet. Despite exceeding the analyst estimate for revenue, with $10.9 billion compared to the estimated $10.61 billion, Goldman Sachs’s revenue also declined from $11.86 billion in the previous year.
Over recent months, analysts have lowered their projections for Goldman Sachs’s second-quarter profit. On March 31, the estimate stood at $7.84 per share, based on FactSet data.
As of now, Goldman Sachs’s stock has declined by 1.8% since the beginning of 2023, while the S&P 500 index has experienced an 18.6% increase.
