Goldman Sachs (GS) Smashes Analyst 3Q Views on Robust M&A and Underwriting Activity
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Shares of Goldman Sachs (NYSE: GS) are up 2% in today’s trading session after the company crushed analyst estimates for its third quarter.
GS delivered Q3 EPS of $14.93, which is by $4.82 better than the Street consensus of $10.11. Sales for the quarter came in at $13.61 billion versus the consensus estimate of $11.67 billion.
“The third quarter saw strong operating performance and an acceleration of our investment in the growth of Goldman Sachs. We announced two strategic acquisitions in our Asset Management and Consumer businesses which will enhance our scale and ability to drive higher, more durable returns. Looking forward, the opportunity set continues to be attractive across all of our businesses and our focus remains on serving our clients and executing our strategy,” said David Solomon, CEO of Goldman Sachs.
GS delivered a strong beat across the board amid a record M&A activity. Goldman holds a comfortable lead at the top of the list for global M&A advisory services. Financial advisory revenue jumped 225% to $1.65 billion, while underwriting revenue surged 33% to $1.90 billion.
The investment business recorded the second-best quarter ever with sales of $3.7 billion.
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