“Goldman Sachs misses revenue estimates after taking $470 million hit on Marcus loans”
April 18, 2023
“Goldman Sachs posted first-quarter profit on Tuesday that missed analysts’ expectations for revenue after taking a $470 million hit tied to the sale of consumer loans.
Here’s what the company reported:
- Earnings: $8.79 a share vs. $8.10 estimate from Refinitiv
- Revenue: $12.22 billion vs. $12.79 billion
The bank said earnings fell 18% to $3.23 billion, or $8.79 a share, topping the estimate of analysts surveyed by Refinitiv. That EPS beat was also driven by Goldman’s sale of consumer loans because it allowed the bank to released $440 million in reserves for loan losses, which added roughly $1.20 to per share earnings, Mike Mayo of Wells Fargo said in a research note.
Companywide revenue fell 5% to $12.22 billion, below estimates on the consumer loan hit and weaker-than-expected bond trading results.
Shares of the New York-based bank slipped 3.6% in premarket trading…”
https://www.cnbc.com/2023/04/18/goldman-sachs-gs-earnings-1q-2023.html