: Goldman Sachs profit falls short of estimates but revenue beats mark

Goldman Sachs Group Inc. GS stock was down 0.7% in premarket trades Wednesday after the bank reported second-quarter earnings that fell short of Wall Street’s lowered expectations. Goldman Sachs said its earnings for the three months ended June 30 fell by more than half to $1.07 billion, or $3.08 a share, from $2.79 billion, or $7.73 a share, in the year-ago period. Goldman fell short of the analyst expectation for earnings of $3.16 a share, according to estimates compiled by FactSet. Goldman Sachs’s second-quarter revenue fell to $10.9 billion, from $11.86 billion, but was ahead of the analyst estimate of $10.61 billion. Analyst projections for Goldman Sachs’s second-quarter profit have moved down in recent months, with the estimate at $7.84 a share on March 31, according to FactSet data. Prior to Wednesday’s trades, Goldman Sachs stock was down 1.8% so far in 2023, compared to an 18.6% increase in the S&P 500.

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