New York City lender Goldman Sachs beats estimate, revenue surges 41%



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New York City lender Goldman Sachs beats estimate, revenue surges 41%

Goldman Sachs Group Inc., the New York City-based American multinational financial services provider had reported a 41 per cent surge in revenues over the second-quarter of the year, insanely beating an analysts’ forecast, as the 151-year-old US lender’s dependency on investment banking and trading over the pandemic-hit fiscal quarter appeared to have borne fruits, spearheading revenues while avoiding the losses from the pandemic-driven economic downturn.

On top of that, the US lender’s strident rise in revenues over the second-quarter of the year had been well in line with rivals such as Citi and JPMorgan, which had also beaten Wall St.

analysts’ forecast for Q2, 2020 quarterly earnings released earlier this week by streamlining the flows of trading revenues. However, unlike Citi and JPMorgan Chase & Co., which had to set aside a substantial scale of sum to cushion up future blows, Goldman’s roaring presence in the consumer banking had helped the lender set aside much lesser amount than two of the aforementioned US financial services provider.

Goldman shares rose as much as 4.85% in pre-market trading after revenue beats estimate

Apart from that, followed by the release of Goldman Sachs Group Inc.’s Wednesday’s quarterly earnings’ report for Q2, 2020, NYSE-listed shares’ prices of the heavyweight US lender, which had registered a $36.55 billion in revenues last year on an annualized basis, had surged as much as 4.85 per cent in the pre-market trading, however, wrapped up the day 1.36 per cent higher to $216.90 per share after a late-afternoon sell-off wave.

Concomitantly, according to Goldman Sachs’ quarterly earnings’ report for Q2, 2020, the New York-based multinational financial services provider had earned $2.2 billion or $6.26 per share over the second quarter of the year, beating a median of analysts’ estimates of $3.78 per share, IBES data from Refinitiv revealed, while the US lender in tandem had set aside $1.6 billion to grapple with loan losses.

Meanwhile, adding that the lender went through a sweeping reform to cope up with the ongoing pandemic outbreak in the United States which had rattled fiscal activities significantly over the second-quarter of the year, Goldman Sachs Group Inc.

CFO (Chief Financial Officer) Stephen Scherr said in a post-earnings’ conference call with the reporters, “Our core businesses are performing well, and many of our new initiatives are advancing ahead of plan. We remain confident in our financial position, capital base and liquidity”.