Goldman Sachs, the prestigious investment bank, has crushed the forecasts for the second quarter. It reported a $2.9 billion profit, which is $7.73 per share. That is much better than the $6.61 per share that analysts expected. The company also had revenue of $11.9 billion, which is higher than the estimates of $10.7 billion, though it is still down 23% from 1 year ago. Goldman had its stock rise 4% in early trading today. Rival companies JPMorgan Chase and Morgan Stanely both had earnings miss forecasts, and that was mainly due to the investment banking sides of their businesses. The stock market was plummeting in the first half of this year, so their losses make some sense. Goldman was massively helped by its bond trading unit, since interest rates rose.
Source: https://www.cnn.com/2022/07/18/investing/goldman-sachs-earnings-banks/index.html
