Goldman Sachs (GS) Hits The Cover Off The Ball
Maybe the recovery of the major banks and investment houses is not a mirage. Maybe it is the real deal. Goldman Sachs (GS) reported net revenues of $9.43 billion and net earnings of $1.81 billion for its first quarter ended…
Maybe the recovery of the major banks and investment houses is not a mirage. Maybe it is the real deal.
The big money came from its fixed income, currency and commodities which generated record quarterly net revenues of $6.56 billion, 34% higher than its previous record.
According to MarketWatch, “Analysts had been anticipating earnings of $1.64 a share, according to Thomson Reuters data.”
Goldman also said it would raise that beginning a public offering of $5 billion of its common stock for sale to the public. Goldman, Sachs & Co. will serve as the sole underwriter for the transaction.
Goldman Sachs said in a statement that it intends to use proceeds of the $5 billion offering to help redeem “all of the TARP capital.”
Douglas A. McIntyre
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
