Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 25, 2008 7:38:43 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Goldman Drops 53%, Beats Analysts' Estimates

Posted Mar 18, 08 7:54 AM CDT in Business 

(Newser) – Goldman Sachs today beat analysts' dire predictions even though it reported a 53% drop in first-quarter profits—the worst falloff since 1999—after a $2.1 billion writeoff, reports Bloomberg. Analysts had expected the Wall Street brokerage to see profits drop more than 60%. Goldman said net income was $1.51 billion, down from $3.2 billion a year earlier.

Per-share earnings were $3.23, compared to $6.67 in the first quarter last year, as net revenue dropped 35% to $8.34 billion from $12.73 billion, Goldman said. Although the company has seen its stock price slip 30% this year as investor confidence in the financial industry has waned, Goldman has had minimal exposure to the subprime crisis.

Source Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Street Foresees Very Good Year

    Nov 13, 07 12:44 PM CST
    Street Foresees Very Good Year Despite $45 billion in subprime writedowns, rolling CEO heads, and an $84 billion drop in market value, Wall Street will somehow post its second-most-profitable year ever, reports Bloomberg. “As the bombs are dropping and the mines are exploding, it's a bit of a surprise,'' said an investment banker. Goldman Sachs and Lehman Brothers will record their best years ever. More »

  • Wall Street Bonuses To Sink

    Aug 22, 07 12:31 AM CDT
    Wall Street Bonuses To Sink The credit crisis, which has surged across the global financial infrastructure like a tsunami, washing away millions of share prices, is about to hit one of Wall Street's most hallowed traditions —the fat bonus. The extra pay for all but an elite few may be cut for the first time in five years, Bloomberg reports. More »

The building on Broad Street in New York's Financial District that houses brokerage firm Goldman Sachs.   (AP Photo/Richard Drew, file)
Lloyd Blankfein, chairman and CEO of Goldman Sachs Group.   (AP Photo/Peter Dejong)
Despite a profit falloff of 53%, Goldman Sachs first-quarter results beat analysts' expectations and drove its share price up in premarket trading.   (Getty Images)
Despite a profit falloff of 53%, Goldman Sachs first-quarter results buoyed Wall Street.   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 3)

Tags

credit crisis  • Wall Street  • Goldman Sachs  • writedowns  • income  • earnings


Loading...

Loading...

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »