NEW YORK (AP) — Goldman Sachs Group Inc. says net income in the third quarter dropped 25% to $1.88 billion.
The company, based in New York, said it had earnings of $4.79 per share, compared with $6.28 a year ago.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $5.03 per share.
The investment bank posted revenue of $12.77 billion in the period. Its revenue net of interest expense was $8.32 billion, down from $8.82 billion in the year earlier period and short of Street forecasts.
Goldman shares have risen 23% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 18%. The stock has dropped roughly 4% in the last 12 months.
Parts of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GS at https://www.zacks.com/ap/GS