Goldman Sachs (GS) - Get Report posted better-than-expected results for the second quarter Tuesday, even as profit slipped during a rough quarter for bond and stock trading for the iconic Wall Street investment bank.
Net income fell by 6% to $2.42 billion, the New York-based bank said in a press release. Earnings per share were tabbed at $5.81, exceeding the $4.89 average estimate of Wall Street analysts in a survey by the data provider FactSet.
"We're encouraged by the results for the first half of the year as we continue to invest in new businesses and growth to serve a broader array of clients," CEO David Solomon said. "Given the strength of our client franchise, we are well positioned to benefit from a growing global economy."
Goldman shares were marked 1.62$ higher in pre-market trading Tuesday to indicate an opening bell price of $215.00 each, a move that would extend the stock's year-to-date gain to around 25.7%.
Goldman has been pushing to diversify its operations in recent years as its juggernaut trading division showed signs of slowing growth. Solomon, an investment banker by trading, was appointed in 2018 to succeed outgoing CEO Lloyd Blankfein, who had helmed the company for more than a decade and had prioritized the trading business.