Investing.com - Goldman Sachs (NYSE:GS) topped its fourth quarter earnings estimates on Wednesday, amid strong results from its investment banking division.
The firm reported earnings per share of $6.04 on revenue of $8.08 billion. Analysts polled by Investing.com expected EPS of $4.42 on revenue of $7.59B. That compared to EPS of $5.68 on revenue of $10.93 billion in the same period a year earlier. The company had reported EPS of $6.28 on revenue of $8.65 billion in the previous quarter.
The company's investment banking division reported net revenue of $7.86 billion, due to strong performance in underwriting and the biggest jump in financial advisory revenue since 2007, the press release said.
"We are pleased with our performance for the year, achieving stronger top and bottom line results despite a challenging backdrop for our market-making businesses in the second half," Chairman and CEO David Solomon said in a statement.
Goldman Sachs shares gained 3.52% to trade at $186.25 in pre-market trade following the report.
Goldman Sachs follows other major Financial sector earnings this month
On Tuesday, JPMorgan reported fourth quarter EPS of $1.98 on revenue of $26.8 billion, compared to forecasts of EPS of $2.2 on revenue of $26.9 billion.
Bank of America earnings beat analyst's expectations on Wednesday, with fourth quarter EPS of $0.7 on revenue of $22.74 billion. Investing.com analysts expected EPS of $0.63 on revenue of $22.36 billion.
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