Goldman Sachs reports its second quarter earnings that surpassed analysts’ expectations.
The banking behemoth’s earnings for the three months ending June came in at $7.73 a share, handily topping analysts’ expectations of $6.61 a share.
Revenue fell -23% from the year-ago quarter to $11.9 billion, but exceeded analysts’ estimates of $10.7 billion.
The bank’s revenue from the fixed income trading division rose, as yields climbed amidst the Fed’s policy rate hikes. Consumer and wealth management unit had a record revenue of nearly $2.2 billion in the quarter, surging +25% from the year-ago quarter.
“Despite increased volatility and uncertainty, I remain confident in our ability to navigate the environment,” mentioned Goldman Sachs CEO David Solomon in the company’s press statement.