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article imageGoldman Sachs announces income declined by 83% in second-quarter

By Andrew Moran     Jul 20, 2010 in Business
New York - Wall Street investment and securities firm, Goldman Sachs, announced in a press release that revenues for the second-quarter dropped 83 percent to $453 million. Amid the news, Goldman's stock fell by $1.89 to $143.79.
In a Tuesday press release, Goldman Sachs Group Inc. announced their earnings for the second-quarter of 2010: Goldman’s net income substantially declined by 83 percent to $453 million, which fell short of expectations on Wall Street.
The drop was due to three factors: 1) Trading revenue dropped 2) $550 million settlement with the Securities and Exchange Commission and 3) One-time $600 million charge on new tax bonuses in Great Britain.
The latest news coming out of Goldman Sachs sent the stock market falling because IBM and Texas Instruments also reported revenue earnings that didn’t make a lot of investors happy.
Goldman’s stock dropped $1.89 to $143.79 during the early Tuesday morning trading session. However, as of 11:15 am, the company’s stock went back up to $146.30, according to Yahoo! Finance.
“The market environment became more difficult during the second quarter and, as a result, client activity across our businesses declined,” said Goldman Sachs CEO Lloyd Blankfein. “Looking ahead, we remain focused on helping our clients to raise capital, manage risk and invest for the future, which are all important to economic growth.”
In the end, however, the company reported $8.84 billion in net revenues and $613 million in net earnings.
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