Goldman Sachs on Wednesday reported blowout second-quarter earnings as its reliance on trading and investment banking paid off amid the market turbulence caused by the coronavirus pandemic.
The bank said it generated $2.42 billion in profit, or $6.26 a share, crushing the $3.78 a share estimate of analysts surveyed by Refinitiv. It was the New York-based bank’s biggest earnings outperformance in nearly a decade.
Revenue of $13.3 billion was more than $3.5 billion higher than the estimate, fueled by strong results in its trading and investment banking divisions, which made up three-quarters of the firm’s revenue in the period.
