Goldman Sachs Profit Misses Estimates

[xchrom]

http://www.bloomberg.com/news/2011-07-19/goldman-sachs-profit-misses-estimates.html

Goldman Sachs Group Inc. (GS), the U.S. bank that makes most of its money from trading, reported second- quarter profit that fell short of analysts’ estimates as fixed- income revenue plunged 63 percent from the first quarter.

Net income climbed 77 percent to $1.09 billion, or $1.85 per share, from $613 million, or 78 cents, in the same period a year earlier, the New York-based company said today in a statement. That compares with the $2.30 per-share average estimate of 23 analysts surveyed by Bloomberg. Earnings fell 38 percent if one-time costs are excluded from the 2010 results.

The fixed-income trading-revenue drop was more than twice as large as at any other major U.S. bank. Overall trading revenue at Goldman Sachs, led by Chairman and Chief Executive Officer Lloyd C. Blankfein, fell 47 percent from the first quarter. JPMorgan Chase & Co. (JPM)’s investment bank reported a smaller-than-expected 17 percent decline in trading revenue last week, while the same business at Citigroup Inc. (C) fell 21 percent.

“All the news is going to be about Goldman Sachs today because people brought their numbers down and they still missed those numbers,” Paul Miller, an analyst at FBR Capital Markets, said in an interview on Bloomberg television. “The question is going to be why were their revenues down much greater than their competitors? Probably they were positioned differently.”





***job slashing ahead.

[zeos3]

1. Poor Goldman Sachs...

They are one of seven American companies that have more cash on hand than the US Treasury.

There are 29 companies on the list compiled by Zero Hedge that have more cash on hand than the US Treasury.

Wow. It's wierd to type that. These companies have more cash than the US Treasury.




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