Goldman Sachs: Bullish Call After Q4 Earnings Announcement
Goldman Sachs (GS) and Bank of America delivered stronger-than-expected earnings results for the fourth quarter, sending the banks’ stocks higher.
Goldman reported fourth quarter adjusted earnings per share of $6.05, outpacing analysts’ estimates of $4.53. The firm posted revenue of $8.08 billion for the quarter, topping analysts’ forecasts of $7.54 billion.
"We are pleased with our performance for the year, achieving strong top and bottom line results despite a challenging backdrop for our market-making businesses in the second half," CEO David Solomon said in a statement.
Shares of Goldman spiked more than 4% in the pre-market.
However, Goldman’s fixed income trading posted a big miss, delivering revenue of $822 million, 18% lower than the fourth quarter of 2017. The firm said the results reflected “significantly lower net revenues in credit products and lower net revenues in interest rate products.”
Elsewhere in banking, Bank of America (BAC) reported record earnings on Wednesday, delivering adjusted earnings per share of 70 cents, beating analyst estimates of 63 cents.
Revenue for the fourth quarter came in at $22.7 billion, also beating estimates of $22.36 billion.
Shares of Bank of America popped more than 3.5% in the pre-market.
Goldman reported fourth quarter adjusted earnings per share of $6.05, outpacing analysts’ estimates of $4.53. The firm posted revenue of $8.08 billion for the quarter, topping analysts’ forecasts of $7.54 billion.
"We are pleased with our performance for the year, achieving strong top and bottom line results despite a challenging backdrop for our market-making businesses in the second half," CEO David Solomon said in a statement.
Shares of Goldman spiked more than 4% in the pre-market.
However, Goldman’s fixed income trading posted a big miss, delivering revenue of $822 million, 18% lower than the fourth quarter of 2017. The firm said the results reflected “significantly lower net revenues in credit products and lower net revenues in interest rate products.”
Elsewhere in banking, Bank of America (BAC) reported record earnings on Wednesday, delivering adjusted earnings per share of 70 cents, beating analyst estimates of 63 cents.
Revenue for the fourth quarter came in at $22.7 billion, also beating estimates of $22.36 billion.
Shares of Bank of America popped more than 3.5% in the pre-market.