19.04.2016 - Goldman Sachs profit fell by 60%
Goldman Sachs Group announced reduction of net income for the 1st quarter of this year to 1.14 billion dollars, compared with 2.84 billion dollars in the same quarter last year. Revenue fell by 40% to 6.34 billion dollars against 10.62 a year earlier. The average forecast for revenue was at the level of 6.73 billion dollars. Revenues from trading operations decreased by 37% to 3.44 billion against 5.46 billion in the 1st quarter of 2015. The reason for the deterioration of the conditions has become unfavorable financial performance of the financial markets at the beginning of this year. According to our estimates, the situation will be more stable in the coming quarters and the company's financial performance will improve. We expect growth in the company's shares in the medium term, but we can see them fall by 10-12% in the coming months.