Home Business Goldman Sachs beats Q2 expectations, holds top spot in M&A, equity deals – Yahoo Finance

Goldman Sachs beats Q2 expectations, holds top spot in M&A, equity deals – Yahoo Finance

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Goldman Sachs (GS) posted second quarter earnings that beat Wall Street’s expectations on Tuesday, as a surge in investment and lending activity lifted its performance during Q2.” data-reactid=”16″>Goldman Sachs (GS) posted second quarter earnings that beat Wall Street’s expectations on Tuesday, as a surge in investment and lending activity lifted its performance during Q2.

The third major bank to report earnings this week, Goldman reported a Q2 profit of $5.81 per share on $9.46 billion of revenue, compared to the comparable year-ago quarter of $5.98 on $9.40 billion in revenue.

Analysts on average expected the investment banking giant to report an adjusted Q2 profit of $4.93 per share ($5.10 on a GAAP basis) on revenue of $8.8 billion, according to a Bloomberg consensus forecast.

At least two of the bank’s major segments, investment banking, management and institutional client services, posted yearly declines in revenue. Net revenues in investment banking dropped 9% from 2018 to $1.86 billion.

However, Goldman saw a 16% year-over-year surge in investing & lending, which checked in at $2.53 billion for the second quarter. It also boasted keeping the top spot as the world’s biggest dealmaker in mergers and equity offerings, two of Goldman’s crown jewels.

The stock, which closed on the New York Stock Exchange at $211.58, jumped by more than 1% in premarket action.

“Given the strength of our client franchise, we are well positioned to benefit from a growing global economy. And, our financial strength positions us to return capital to shareholders, including a significant increase in our quarterly dividend in the third quarter,” CEO David Solomon said in a statement.

Goldman’s board also voted to increase its quarterly dividend to $1.25 per common share, up from 85 cents per share, payable on September 27.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="In spite of widespread gloom over global growth, both Citigroup (C) and JPMorgan Chase,&nbsp;the largest U.S. bank by assets&nbsp;(JPM), beat&nbsp;market expectations in Q2.” data-reactid=”24″>In spite of widespread gloom over global growth, both Citigroup (C) and JPMorgan Chase, the largest U.S. bank by assets (JPM), beat market expectations in Q2.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Javier is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek” data-reactid=”25″>Javier is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the latest financial and business news from Yahoo Finance” data-reactid=”26″>Read the latest financial and business news from Yahoo Finance

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