Goldman reports 2% fourth-quarter hike

Dec 18, 2007 @ 11:07 am

By Aaron Siegel

Amidst one of the worst quarters to befall Wall Street in years, Goldman Sachs Group Inc. reported record earnings.

A 2% increase in net income to brought company earnings to $3.22 billion, or $7.01 per share, in the quarter ended Nov. 30, compared to $3.15 billion, or $6.59 per share during the year-ago period.

The New York-based financial services company attributed the hike to a sharp increase in revenues from investment banking and the equities business.

Analysts surveyed by Thomson Financial projected a profit of $6.87 per share.

Total investment banking revenue increased 47% to $1.97 billion on increased client activity.

Revenue from the equities business increased 22% to $2.59 billion on higher trading volumes.

Net revenue in trading and principal investments were up 4% to $6.93 billion, including a 6% increase in the fixed income, currencites and commodities trading group.

Goldman’s results follow those of New York-based Lehman Brothers Holdings Corp., which last week reported that its fiscal fourth-quarter profit fell 11% but surpassed expectations (InvestmentNews, Dec. 13) .

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