Goldman Sachs misses first-quarter revenue estimates after taking $470 million hit on Marcus loans

CNBC ^ | 4/18/23 | Hugh Son

[CFW]

Goldman Sachs posted first-quarter profit on Tuesday that missed analysts' expectations for revenue after taking a $470 million hit tied to the sale of consumer loans.

Here's what the company reported:

Earnings: $8.79 a share vs. $8.10 estimate from Refinitiv Revenue: $12.22 billion vs. $12.79 billion

The bank said profit fell 18% to $3.23 billion, or $8.79 a share, topping the estimate of analysts surveyed by Refinitiv. Revenue fell 5% to $12.22 billion, below the estimate on the consumer loan hit and weaker-than-expected bond trading results.

Related news:

https://www.cnbc.com/2023/04/18/bank-of-america-bac-earnings-q1-2023.html

"Bank of America shares gain after first-quarter results top expectations on higher rates"

[CFW]

The banking sector is still rocky regardless of what Janet Yellen wants you to believe. I suspect we will see more regional bank failures over the next twelve months while the largest four banks will only grow stronger.

[z3n]

Too big to fail

[linMcHlp]

Earnings per Share did not disappoint.