Goldman Sachs (GS) Stock Gains on Strong Q2 Beat

Shares of Goldman Sachs (NYSE: GS) are up 3.5% in premarket trading Monday after the company reported Q2 results that beat analyst consensus for the most part.

The bank reported Q2 EPS of $7.73, topping the consensus estimates of $6.65 per share. Net revenue came in at $11.86 billion, while analysts were projecting $10.67 billion.

The bank reported $1.79 billion in investment banking revenue, down 48% YoY and below the estimated $1.88 billion. Trading revenue stood at $6.47 billion, up 32% YoY and above the expected $5.82 billion.

FICC sales & trading revenue totaled $3.61 billion, also above the consensus projection of $3.11 billion. Equities sales & trading revenue was reported at $2.86 billion, topping the consensus of $2.71 billion.

“We delivered solid results in the second quarter as clients turned to us for our expertise and execution in these challenging markets,” CEO David Solomon said in a statement.

“Despite increased volatility and uncertainty, I remain confident in our ability to navigate the environment, dynamically manage our resources and drive long-term, accretive returns for shareholders.”

By Senad Karaahmetovic

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