The Goldman Sachs Group Inc. (NYSE: GS) reported better-than-expected revenues for the third quarter of 2019 while earnings missed forecasts. Shares were down 1.9% in premarket hours on Tuesday. The consensus estimate was for earnings of $4.81 per share on revenue of $8.31 billion.
Total revenues of $8.32 billion fell 6% year-over-year due to lower revenues in Investing & Lending and Investment Banking.
Net earnings applicable to common shareholders decreased 27% year-over-year to $1.79 billion while EPS fell 24% to $4.79.
Book value per common share was $218.82, 10.9% higher compared to the end of Q3 2018. Provision for credit losses rose 67% to $291 million from last year, mainly due to higher impairments.
Net revenues in Investment Banking fell 15% year-over-year to $1.69 billion, hurt by declines in Financial Advisory and Underwriting. Revenues in Financial Advisory dropped 22% due to a decrease in M&A transactions. Declines in IPOs and leveraged finance transactions hurt underwriting revenues during the quarter.
Revenues in Institutional Client Services rose 6% year-over-year to $3.29 billion, helped by growth in FICC and Equities. Strength in commodities and credit products coupled with higher commissions and fees helped drive revenue growth in FICC and Equities.
Investing & Lending revenues fell 17% year-over-year to $1.68 billion, hurt by a 40% drop in equity securities revenues. Revenues in debt securities and loans rose 10% from last year. Investment Management revenues dipped 2% to $1.67 billion, due to lower incentive fees.
On October 14, 2019, the Board of Directors declared a dividend of $1.25 per common share, payable on December 30, 2019 to common shareholders of record on December 2, 2019.
Nvidia Corporation (NASDAQ: NVDA) Wednesday said its fourth-quarter revenues and profit increased in double-digits amid elevated demand. The results also topped the Street view, driving the stock higher during the
Nutanix (NASDAQ: NTNX) reported second quarter 2021 earnings results today. Total revenue remained flat at $346.4 million compared to the same period a year ago. GAAP net loss was $287.3
Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer