Goldman reports second loss
Source: Bloomberg News |
October 19, 2011, Wednesday
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Print Edition
Print Edition
GOLDMAN Sachs reported its second quarterly loss in 12 years as revenue from trading, asset management and securities underwriting declined and the firm lost money on investments.
The third-quarter loss of US$393 million, or 84 US cents per share, compared with a profit of US$1.9 billion, or US$2.98, a year earlier, the company said yesterday. The average estimate of 26 analysts surveyed by Bloomberg News was for an 11-cent loss per share, with estimates ranging from a US$1.02 loss to a US$1.22 profit.
Chairman and Chief Executive Lloyd Blankfein, 57, has tied Goldman Sachs's fortunes to trading, which accounted for 53 percent of first-half revenue, and gains on the firm's stakes in companies and real estate, which made up 20 percent.
Declines in assets ranging from equities to mortgage-backed bonds in the third quarter led to lower trading volume and markdowns of the firm's own investments.
The third quarter "was a very challenging trading quarter and subsequent quarters are likely to be a repeat given the current market environment," Jon Fisher, a portfolio manager at Fifth Third Asset Management said before the results were released. "Any positive comments made regarding the near-term trading environment are unlikely to be believed."
The third-quarter loss of US$393 million, or 84 US cents per share, compared with a profit of US$1.9 billion, or US$2.98, a year earlier, the company said yesterday. The average estimate of 26 analysts surveyed by Bloomberg News was for an 11-cent loss per share, with estimates ranging from a US$1.02 loss to a US$1.22 profit.
Chairman and Chief Executive Lloyd Blankfein, 57, has tied Goldman Sachs's fortunes to trading, which accounted for 53 percent of first-half revenue, and gains on the firm's stakes in companies and real estate, which made up 20 percent.
Declines in assets ranging from equities to mortgage-backed bonds in the third quarter led to lower trading volume and markdowns of the firm's own investments.
The third quarter "was a very challenging trading quarter and subsequent quarters are likely to be a repeat given the current market environment," Jon Fisher, a portfolio manager at Fifth Third Asset Management said before the results were released. "Any positive comments made regarding the near-term trading environment are unlikely to be believed."
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