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Goldman Sachs beats on earnings, revenue in Q4

Published 01/16/2014, 07:46 AM
Updated 01/16/2014, 07:46 AM
Goldman Sachs Q4 earnings crush expectations

Investing.com - Goldman Sachs posted better-than-expected earnings results for the fourth quarter ahead of the opening bell on Thursday, sending shares higher in the pre-market.

The largest U.S. investment bank said earnings per share came in at USD4.60, easily surpassing expectations for earnings of USD4.18 per share, but down from USD5.60 in the same period a year earlier.

The firm’s fourth quarter revenue totaled USD8.78 billion, beating estimates for revenue of USD7.75 billion. Fourth quarter net income was USD2.25billion, compared to USD2.85 billion in the year-ago period.

Goldman’s investment banking revenue climbed 22% from a year earlier to USD1.72 billion. . Investment banking produced net revenues of USD6.00 billion, which is the second highest annual performance.

“Our work in advancing our client franchise and in ensuring continued cost discipline has allowed us to provide solid returns even in a somewhat challenging environment,” said Lloyd Blankfein, Chairman and Chief Executive Officer.

Shares of Goldman Sachs were up 1.2% in pre-market trade.

Meanwhile, U.S. stock futures pointed to a lower open. The Dow Jones Industrial Average futures pointed to a loss of 0.2% at the open, S&P 500 futures dipped 0.25%, while the Nasdaq 100 futures indicated a downtick of 0.2% at the open.

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