Shares of Goldman Sachs hit a 52-week low on Monday and opened at a new yearly low on Tuesday morning after the financial behemoth came up short on both sales and profit forecasts.
Goldman reported net income for its second quarter of $1.08 billion, or $1.85 per share, on revenue of $7.28 billion. Wall Street had expected EPS of $2.27 on revenue of $8.14 billion.
In early trading, Goldman Sachs was changing hands at $125.90 per share, down 2.6% from Monday’s closing price of $129.33, but off of lows near $125 in pre-market trading Tuesday.
Investment banking revenues came in at $1.45 billion, up 54% from the second quarter of 2010 and up 14% from the first three months of 2011. Goldman made note of its top spot in putting together deals around the world in its earnings release.
The firm backpedaled in its institutional client services division where revenues slipped 29% from the year-ago quarter to $3.52 billion.
Bond and currency trading paced the overall 18% decline in company-wide revenue.
JPMorgan Chase and Citigroup both pleased investors with results released last week. Bank of America was down 0.8% on Tuesday morning after its release. Wells Fargo was up 1.9% after topping profit forecasts. Read More
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