News Column

Goldman Sachs Slumps 20 Percent

October 17, 2013

Associated Press

goldman sachs shares slumped dramatically in Thursday trading (Associated Press)
Goldman Sachs' pro

Goldman Sachs says its third-quarter profit was flat while revenue fell sharply as trading in bonds and other securities slowed.

Goldman Sachs earned $1.43 billion after paying dividends on preferred shares, down slightly from $1.46 billion in the same period a year earlier.

That worked out to $2.88 per share, up from $2.85 per share last year and beating the $2.44 per share expected by financial analysts.

Revenue dropped 20 percent to $6.72 billion from $8.35 billion, coming in below analysts' forecast of $7.41 billion, as trading in bonds, mortgage securities and currencies fell.

Goldman's stock, which was recently added to the Dow Jones industrial average, fell $4.2 or 2.6 percent, to $158 in pre-market trading.

The bank increased its dividend to 55 cents per share from 50 cents.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Original headline: Goldman Sachs' revenue slumps 20 percent


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Source: Copyright 2013 The Associated Press. All rights reserved.


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