Strong

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Goldman Sachs, one of the biggest banks in the world, missed Wall Street estimates for <a aria-label="Q1 2023 (opens in a new tab)" href="https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2023-q1-results.pdf" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Q1 2023</a> revenue and reported a 5% drop in profit from Q1 2022. The “messy” report pushed the bank’s shares down more than 3% in the premarket.</p> 
<h3 id="goldman-s-posts-q1-profit-decline-misses-revenue-estimates">Goldman’s Posts Q1 Profit Decline, Misses Revenue Estimates</h3> 
<p>Shares of Goldman Sachs are down more than 3% in premarket trading Tuesday after the Wall Street bank missed analysts’ estimates for revenue and reported a profit decline for Q1 2023. The stock stood at $327.80 per share ahead of the market opening.</p> 
<p>The bank reported first-quarter earnings per share (EPS) of $8.79, beating the analysts’ estimates of $8.24. However, the earnings were below the $10.76 per share reported in the same quarter last year.</p> 
<p>The bank generated $12.22 billion in revenue in the three months, down 5% year-over-year and below the consensus estimates of $12.83 billion. Goldman’s revenue figures from its Global Banking &amp; Markets and FICC sales &amp; trading also missed expectations.</p> 
<blockquote class="wp-block-quote"> 
 <p>“The events of the first quarter acted as another real-life stress test, demonstrating the resilience of Goldman Sachs and the nation’s largest financial institutions.”</p> <cite>– David Solomon, chairman and chief executive officer of Goldman Sachs. </cite>
</blockquote> 
<p>Goldman’s annualized return on equity (ROE) hit 11.6% in Q1, above the consensus projection of 11.1%. Net interest income stood at $1.78 billion in the quarter, well below the expected $2.18 billion. Total assets under management (AUM) rose 12% year-over-year to $2.67 trillion, compared to analysts’ estimates of $2.6 trillion.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="other-wall-street-banks-report-strong-earnings-boosted-by-high-interest-rates">Other Wall Street Banks Report Strong Earnings Boosted by High-Interest Rates</h3> 
<p>Goldman’s latest earnings report was described as “very messy” by analysts at Vital Knowledge. Investors appeared to have shared these views, with the bank’s stock indicated to start the Tuesday trading session in the red.</p> 
<p>In contrast, Goldman’s rivals on Wall Street, including <a aria-label="JPMorgan Chase (opens in a new tab)" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2023/1st-quarter/be0fc3a0-c499-4af9-933c-6e7f75025097.pdf" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">JPMorgan Chase</a>, <a aria-label="Wells Fargo (opens in a new tab)" href="https://www.cnbc.com/2023/04/14/wells-fargo-wfc-earnings-q1-2023.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Wells Fargo</a>, and Citigroup all reported stronger-than-expected financial results on Friday, resulting in notable gains in the banks’ stocks on that day.</p> 
<p>All three banks reported robust revenue and net interest income figures, fueled by the <a href="https://tokenist.com/march-brings-another-25-bps-hike-despite-worries-stemming-from-bank-crisis/" rel="dofollow" class="deco-link">elevated interest rates</a> amid the Federal Reserve’s monetary policy tightening over the past year to rein in inflation. JPMorgan’s revenue rose 25% year-over-year to a new quarterly record of $39.34 billion.</p> 
<p>The solid financial reports indicate that the banks were not severely affected by the <a href="https://tokenist.com/bank-stocks-tank-on-market-open-despite-white-houses-reassurance/" rel="dofollow" class="deco-link">recent turmoil</a> in the US banking sector triggered by the <a href="https://tokenist.com/signature-bank-shut-down-by-us-regulators-over-systematic-risk-fears/" rel="dofollow" class="deco-link">collapse of the Silicon Valley Bank</a> (SVB) last month. Still, some banks were cautious in their forecasts due to uncertainty around the US economy and Fed’s future interest rate plans.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think banks’ profits will continue to increase throughout 2023? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/goldman-sachs-down-3-premarket-on-missed-earnings-report/">Goldman Sachs Down 3% Premarket on Missed Earnings Report</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Goldman Sachs Down 3% Premarket on Missed Earnings Report

Table of Contents

TokenInsight

Outros artigos publicados em 18 de abr. de 2023

CoinDesk Indices and Luno Partner to Launch Luno Large Cap Bundle

EU Legislators Call for ‘safe’ AI as Google’s CEO Cautions on Rapid Development

OPNX Draws Regulatory Attention in Dubai, VARA Warns Against the Crypto Exchange

How To Build a Better Crypto Portfolio (With Examples!)

The Important of Market Making in the World of Finance and Trading

US Treasury Secretary Janet Yellen Warns of Risks to Dollar's Hegemony

Join our free newsletter for daily crypto updates!