Goldman Sachs (GS) Revenue Down 36%, Shares Falling

The Goldman Sachs Group, Inc. GS announced on Tuesday morning that it easily beat consensus Wall Street earnings estimates, while missing revenue estimates. The Goldman Sachs Group, Inc. (GS) reported that its 2nd quarter earnings plummeted 83% to $453 million, or 78 cents per share, down from $2.7 billion, or $4.93 per share, a year earlier. Excluding the $550 million SEC settlement and other special items, the company earned $2.75 per share, while revenue dropped 36% to $8.84 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $2.08 per share, on revenue of $8.94 billion. Shares of GS were down 1.15% to $144.00 per share during after hours trading on Monday. After the company released its earnings report on Tuesday morning, the shares continued to fall and were down more than 3% in pre-market trading at $141.23 per share. Analysts covering the stock have a consensus price target of $194.05 per share. New York city based Goldman Sachs Group, Inc., along with its subsidiaries, provides its clients with an array of financial services including investment banking, securities, and investment management services. Its client base is made up of corporations, financial institutions, wealthy individual investors and governments throughout the world. Read more from Benzinga's Company news.