Goldman Sachs' revenue slumps 20 percent

Goldman Sachs reports 20 percent drop in revenue as trading slows, missing estimates

Associated Press
Goldman Sachs' Q3 revenue slumps 20 percent
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FILE - In this Thursday, March 15, 2012, file photo, traders work at the Goldman Sachs posts on the floor of the New York Stock Exchange. Goldman Sachs reports quarterly earnings on Thursday, Oct. 17, 2013. (AP Photo/Richard Drew, File)

Goldman Sachs says its third-quarter profit was flat while revenue fell sharply as trading in bonds and other securities slowed.

Goldman Sachs earned $1.43 billion after paying dividends on preferred shares, down slightly from $1.46 billion in the same period a year earlier.

That worked out to $2.88 per share, up from $2.85 per share last year and beating the $2.44 per share expected by financial analysts.

Revenue dropped 20 percent to $6.72 billion from $8.35 billion, coming in below analysts' forecast of $7.41 billion, as trading in bonds, mortgage securities and currencies fell.

Goldman's stock, which was recently added to the Dow Jones industrial average, fell $4.2 or 2.6 percent, to $158 in pre-market trading.

The bank increased its dividend to 55 cents per share from 50 cents.

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