This comes via Bloomberg:
Goldman Sachs Group Inc.’s second- quarter profit exceeded analysts’ estimates as record trading and stock underwriting led the company to its highest quarterly profit.
Net income in the three months ended June 26 was $3.44 billion, or $4.93 a share, the New York-based bank said today in a statement. That surpassed the $3.65 per-share average estimate of 22 analysts surveyed by Bloomberg and compared with $2.09 billion, or $4.58 per share, in last year’s second quarter.
Goldman posted income of $3.44 billion, or $4.93 a share, up from $2.09 billion, or $4.58 a share, a year earlier. The latest results included a $426 million dividend related to the company’s paying back its TARP funds. Excluding that, earnings were $5.71 a share. Net revenue jumped 46% to $13.76 billion.
The stock was down $2 in pre-market trading at 830AM ET. MarketWatch also notes a huge uptick in revenue.
Net revenues at the firm were $13.76 billion in the second quarter, compared to $9.42 billion last year. Goldman switched from a fiscal reporting schedule to a calendar schedule last year, and this year’s second quarter ended in June, while the year ago data is for the period ended May 31, 2008.
The Goldman press release is here. What I find notable is the order in which the press release presents the earnings, with a statement on the advisory business first, followed by equities and then fixed income even though fixed income was where the most revenue and profit came. That is revealing – ad shows Goldman execs still consider the advisory business of relatively more importance from a reputational perspective.
Originally published at Credit Writedowns and reproduced here with the author’s permission.