The Goldman Sachs Group (NYSE:GS) unveiled its second quarter earnings results on Wednesday 15th July 2020 before market open.
The investment banking and securities service provider, reported $ 6.26 income per share for the quarter, beat the consensus estimate of $ 3.78 income per share by $ 2.48 or 65.61 percent.
The quarterly earnings improved 7.75 percent compared with the same quarter last year.
The firm had revenue of $ 13,925.00 million for the quarter, compared to the consensus estimate of $ 9733.35 million. The revenues out shined analysts estimates by $ 4,191.65 million or 43.06 percent.
The financial report showed revenues boosted 47.18 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
David M. Solomon, Chairman and Chief Executive Officer, stated, This quarter demonstrated the continued dedication of the people of Goldman Sachs to helping our clients navigate a very challenging environment, while working remotely or returning to offices that are quite different than the ones we left earlier in the year. We also continue to be grateful for those working hard to contain the pandemic and limit its human and economic costs.
Our strong financial performance across our client franchises demonstrates the inherent benefits of our diversified business model. The turbulence we have seen in recent months only reinforces our commitment to the strategy we outlined earlier this year to investors. While the economic outlook remains uncertain, I am confident that we will continue to be the firm of choice for clients around the world who are looking to reshape their businesses and rebuild a more resilient economy.
During the second quarter of 2020, the firm recorded net provisions for litigation and regulatory proceedings of $ 945 million, which increased net provisions to $ 1.13 billion for 1H20. These amounts reduced diluted earnings by $ 2.60 per share in the second quarter of 2020 and reduced diluted earnings by $ 3.15 per share in 1H20.
