Goldman Sachs Misses Earnings Expectations

Goldman Sachs Group Inc. says it earned $1.05 billion in the second quarter, more than double compared with the same period a year ago.

The results fell short of analysts' expectations. The investment bank's stock fell 3 percent in pre-market trading.

The bank cut costs as its revenues fell 18 percent.

Goldman Sachs set aside $3.2 billion for employee pay, 16 percent less than a year ago. Other expenses were down 18 percent, but that was partly because Goldman had to pay a record fine to regulators last year to settle charges that it misled investors about mortgage securities.

Per-share earnings were $1.85. That was more than double the 78 cents from a year ago but below analysts' forecasts of $2.35.

Revenue of $7.3 billion also missed analysts' expectations.

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GS needed bailed out and the stock is still over 100 dollars a share--i don't think so.....

July 19 2011 at 11:34 AM Report abuse rate up rate down Reply

how sad for those greedy pigs

July 19 2011 at 11:25 AM Report abuse rate up rate down Reply