Goldman Sachs Q4 results top expectations
By Iain Gilbert
Date: Tuesday 16 Jan 2024
(Sharecast News) - Investment bank Goldman Sachs reported fourth-quarter results that topped Wall Street expectations on Tuesday, driven by better-than-expected asset and wealth management revenues.
Goldman Sachs posted quarterly revenues of $11.32bn, up 7% on last year and ahead of expectations for a reading of $10.8bn, while earnings surged 51% year-on-year to $2.01bn.
Asset and wealth management revenues jumped 23% to $4.39bn thanks to higher revenues from equity and debt investments and rising management fees, equities trading jumped 26% to $2.61bn.
On the other hand, platform solutions revenues grew 12% to $577.0m, short of the $612.0m expected by analysts, and fixed income revenues declined 24% year-on-year to $2.61bn, well below estimates of $2.53bn.
On an annualised basis, GS' yearly net income of $8.52bn was down 24% year-on-year for its weakest performance since it earned $8.46bn in 2019.
As of 1430 GMT, Goldman Sachs shares were up 1.60% in pre-market trading at $338.79 each.
Reporting by Iain Gilbert at Sharecast.com
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