Goldman Sachs shares sink after brutal quarter
Shares of Goldman Sachs sank on Tuesday after the firm reported a dip in net revenues and bigger-than-expected 69% drop in fourth-quarter profits.
The stock is on pace for the worst session since January 2022 when it dropped 6.97% as tracked by Dow Jones Market Data Group.
|GS||THE GOLDMAN SACHS GROUP INC.||351.97||-22.03||-5.89%|
Quarterly profit was 39% below the consensus estimate, nosediving 66% from 2021 to $1.33 billion, or $3.32 per share.
David Solomon, Chairman and Chief Executive Officer, said “Against a challenging economic backdrop, we delivered double-digit returns for our shareholders in 2022.”
“Our clear, near term focus is realizing the benefits of our strategic realignment which will strengthen our core businesses, scale our growth platforms and improve efficiency,” he added. “The foundation of all of our strategic efforts is our client franchise which is second to none.”
This month Goldman cut over 3,000 workers.
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Meanwhile, net revenues reached $10.59 billion for the fourth quarter of 2022, but were 16% lower than the same period in 2021…
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