Goldman Sachs stock leads Dow losers with other indexes also in the red Monday
Shares of Goldman Sachs Group Inc. dropped Monday, after the blue-chip bank again beat earnings expectations by a wide margin, but missed on revenue for the first time in two years.
Therefore, while equity and credit markets rebounded there was “lower client conviction,” although “client engagement” improved later in the quarter. Although Goldman has made a habit of beating both profit and revenue expectations, investors were more often than not left disappointed. Although the stock rose on the day the previous two earnings reports were released, it dropped on the day of the previous seven. And on the day of the past 20 quarterly reports, including Monday, the stock declined 14 times.
Within Goldman’s businesses, investment banking revenue inched up to $1.81 billion from $1.79 billion, topping the FactSet consensus of $1.65 billion to extend the beat streak to nine quarters. Chief Financial Officer Stephen Scherr said on the conference call that Goldman was conducting “broad and deep” reviews of its businesses, with no revenue source escaping scrutiny, in an effort to improve the client experience.
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