Goldman Sachs Group Inc.’s stock
GS,
was up by 1.6% in premarket trading on Tuesday after the investment bank’s fourth-quarter profit beat analysts’ reduced expectations. Goldman Sachs said its net income for the three months ended Dec. 31 rose to $1.87 billion, or $5.48 a share, from $1.19 billion, or $3.32 a share, in the year-ago quarter. Wall Street analysts estimated the marquee investment bank would earn $3.62 a share in the fourth quarter, which was trimmed from $6.67 a share at the start of the quarter, according to FactSet data. Revenue for the fourth quarter rose to $11.32 billion from $10.59 billion, well ahead of the analyst estimate of $10.8 billion. Chief Executive David Solomon said 2023 capped off a “year of execution” for the bank. Fourth-quarter revenue rose in its Asset & Wealth Management and Platform Solutions units, while Global Banking & Markets revenue fell.
This story originally appeared on Marketwatch
