Alright, GS came through with good earnings, let's hope for move today. :)
Goldman 4Q beats Street
Investment bank posts earnings of $1.54 a share, above expectations
December 21, 1999: 9:21 a.m. ET
NEW YORK (CNNfn) - Investment bank Goldman Sachs Inc. Tuesday unveiled better-than-expected fiscal fourth-quarter profit, aided by robust stock market and merger and acquisition activity during the quarter.
Earnings, excluding non-recurring items, rose 18 percent to $756 million, or $1.54 a diluted share, in the quarter ended Nov. 26, up from $638 million, or $1.31, in the year-earlier period. Analysts polled by First Call had expected earnings of $1.25 a share.
Revenue for the quarter almost doubled, rising to $6.7 billion from $3.4 billion.
Goldman Sachs (GS), which in May became a publicly traded company in one of the most successful initial public offerings in history, has benefited from a surge in fees related to advising on mergers and acquisitions, as well as gains in trading activity in this year's stellar bull market.
For the year, Goldman Sachs earned $2.6 billion, or $5.27 a share, compared with $1.3 billion, or $2.62, in the year-earlier period. Revenue for the year surged 57 percent to a record $13.3 billion.
Since it began trading as a public company on May 4, Goldman Sachs' shares have surged 56 percent. Its stock rose 1-11/16 to 81-7/8 Monday. |
