July 20 (Bloomberg) — Goldman Sachs Group Inc. said second-quarter profit dropped 82 percent, missing analysts’ estimates on a slide in trading revenue, five days after settling U.S. regulators’ fraud allegations. Revenue and profit were the lowest since the fourth quarter of 2008.
Net income fell to $613 million, or 78 cents a share, from $3.44 billion, or $4.93, a year earlier, New York-based Goldman Sachs said in a statement today. The average estimate of 21 analysts surveyed by Bloomberg was for earnings of $1.99 per share, with estimates ranging from 77 cents to $4.34. Some of the analysts didn’t include costs of the settlement.
Full story: Goldman Sachs Profit Drops 82%, Missing Estimates
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