Goldman Sachs 3Q profit falls 25% to $1.88 billion

Goldman Sachs 3Q profit falls 25% to $1.88 billion
FILE - In this Dec. 13, 2016, file photo, the logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange. The Goldman Sachs Group Inc. reports financial results Tuesday, Oct. 14, 2019. (AP Photo/Richard Drew, File)

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.

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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