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The Goldman Sachs Group, Inc. Message Board

  • adspatz adspatz Oct 17, 2013 10:32 AM Flag

    Goldman Sachs revenue drops 20%

    Search for "SEC Live Filings Digest" to find out more.
    The Goldman Sachs Group, Inc. (GS) announced its financial results for the third quarter of fiscal year 2013, reporting revenue that dropped 20%. Analysts were expecting revenues of $7.35B but Goldman Sachs earned $6.72B revenue. Net income increased marginally from $1.51B and $2.85 per share a year ago to $1.52B and $2.88 per share. The company is aggressively cutting expenses in order to demonstrate it can generate good returns while it waits for the next upward movement in its business cycle. Compensation costs, the company’s largest expense, dropped 35% to $2.38B. Fixed-income trading, the company’s largest revenue source, was $1.29B, missing analyst estimates ranging from $1.85B to $2.04B. Noteworthy is also the fact that Berkshire Hathaway exercised warrants earlier this month from a deal made in 2008 for 13.1 million shares, making it the company’s seventh-largest shareholder.

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