Goldman Sachs reported lower-than-expected third quarter earnings, amidst declining investment banking revenues.
The financial behemoth’s earnings for the three months ending in September decreased -23.7% year-over-year to $4.79 per share, falling short of the Street consensus expectation by 5 cents. It's the first earnings miss for Goldman in at least two years, according to Refinitiv data.
Total revenues fell -6% from the prior year quarter to $8.32 billion, which is lower than analysts' estimates of $8.42 billion.
Revenues from Goldman’s fixed income desk rose +8% to $1.41 billion, and equity market revenues climbed + 5% to $1.88 billion on the back of higher fees and increased client activity.
However, investment banking revenues for the company plunged -15% year-over-year to $1.69 billion in the quarter.