Goldman Sachs released its third-quarter earnings for 2021 on Friday. In the third quarter, Goldman Sachs crushed the analysts’ estimates.
- Net Revenue: $13.61 billion
- EPS: $14.93
- Net Income: $5.38 billion
Other significant details:
The company saw profit surged by 63% to $5.28 billion.
Revenue increased by 26%
Investment Banking revenue surged by 88% for the quarter at $3.7 billion.
“The third quarter saw strong operating performance and an acceleration of our investment in the growth of Goldman Sachs. We announced two strategic acquisitions in our Asset Management and Consumer businesses which will enhance our scale and ability to drive higher, more durable returns. Looking forward, the opportunity set continues to be attractive across all of our businesses and our focus remains on serving our clients and executing our strategy.” – David M. Solomon, Chairman and Chief Executive Officer.
Forecasts of 21 analysts expected earnings of $10.14 per share instead of earnings of $9.68 per share from the same quarter last year. They also predicted sales for the quarter coming in at $11.72 billion. Looking at the entire year, Wall Street analysts expected a profit of $53.55 per share. Analysts estimated full-year revenue of $55.73 billion, compared to $ 44.56 billion in the previous year.
Earning History of WFC
Diluted earnings per common share (EPS) was $14.93 for the third quarter of 2021 compared with $8.98 for the third quarter of 2020 and $15.02 for the second quarter of 2021 and was $48.59 for the first nine months of 2021 compared with $12.65 for the first nine months of 2020. In the prior year, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.46 for the first nine months of 2020.