Goldman Sachs Group Inc (GS) Stock Slips on Bond Trading Drop
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Goldman Sachs Group Inc (NYSE:GS) stock was down on Tuesday following the release of its earnings report for the second quarter of 2017.
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Goldman Sachs Group Inc reported revenue of $7.89 billion in the second quarter of the year. This is down from its revenue of $8.03 billion in the second quarter of 2016. However, it did still come in above Wall Street’s revenue estimate of $7.52 billion for the quarter.
Despite beating revenue estimates for the quarter, GS stock wasn’t helped by a drop in bond trading. The company notes that its Institutional Client Services revenue was down 17% when compared to the same time last year. It also saw a 40% decline in Fixed Income, Currency and Commodities Client Execution when compared to the second quarter of 2016.
Earnings per share reported by Goldman Sachs Group Inc in the second quarter of 2017 was $3.95. This is an increase over its earnings per share of $3.72 from the same period of the year prior. Analysts were expecting the investment banking company to report earnings per share of $3.39. However, the positive earnings couldn’t keep GS stock from dropping today
Goldman Sachs Group Inc reported net earnings of $1.83 billion during its second quarter of the year. The company’s net earnings from the same time in the previous year was $1.82 billion.
“A mixed operating environment persisted into the second quarter as conditions continued to support underwriting and M&A, while constraining certain market-making activity,” Lloyd Blankfein, Chairman and CEO of Goldman Sachs Group Inc, said in a statement.
GS stock was down 2% as of noon Tuesday and is down 6% year-to-date.
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