Goldman Sachs records strong 3Q earnings

Net income rises 48%

Goldman Sachs Group’s (GS) third-quarter net income surged 48%, posting the first revenue gain in over a year, an article in The Wall Street Journal said. 

Despite the results beating analyst estimates, the article said shares fell roughly 2% in recent trading as investors worried about a broader stock market selloff and picked through the details of the bank’s trading results.  

The New York investment bank posted net income of $2.24 billion, up from the year-earlier $1.52 billion. Earnings per share—reflecting the payment of preferred dividends–were $4.57, compared with analysts’ expected per-share earnings of $3.21.

“The combination of improving economic conditions in the U.S. and a strong global franchise continued to drive client activity across our diverse set of businesses,” said Lloyd C. Blankfein, Goldman’s chairman and chief executive officer. “While conditions and sentiment can shift quickly, the strength of our transaction backlog indicates our clients’ desire to pursue and execute their strategic plans for growth.”

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