Goldman Sachs (NYSE:GS) slid Tuesday, after reporting earnings-per-share and revenue that missed Wall Street estimates.
Q4 GAAP EPS of $3.32, vs. $5.97 consensus, dropped from $8.25 in Q3 and from $10.81 in Q4 2021.
"Against a challenging economic backdrop, we delivered double-digit returns for our shareholders in 2022," said CEO David Solomon. The company was reported to make as many as 4,000 job cuts in January to offset sliding profit and revenue.
Provision for credit losses of $972M, vs. $650M Visible Alpha consensus, increased from $515M in the prior quarter and $344M in the year-ago quarter.
Total net revenue fell to $10.6B from $12.0B on the prior quarter and $12.6B in the year-ago quarter, missing the $10.9B consensus,
Q4 net interest income of $2.07B, beating the $2.04B Visible Alpha consensus, increased from $2.04B in Q3 and from $1.80B in Q4 2021.
Total operating expenses of $8.09B rose from $7.70B in Q3 and from $7.27B in the year-ago period. That compared with $7.27B Visible Alpha estimate.
Compensation and benefits expenses were $3.76B, vs. $3.28B consensus, $3.61B in the prior quarter and $3.25B in the year-ago period.
GS Global Banking & Markets revenue of $6.52B fell 14% Q/Q and Y/Y. Investment banking fees of $1.87B increased 21% Q/Q and fell 48% Y/Y. FICC revenue of $2.69B fell 26% Q/Q and rose 44% Y/Y. Equities revenue of $2.07B dropped 24% Q/Q and 5% Y/Y.
Asset & Wealth Management revenue of $3.56B dropped 12% Q/Q and 27% Y/Y. Management and other fees were $2.25B, flat vs. Q3 and up 10% Y/Y.
GS shares plummeted $8.99, or 2.4%, to $365.01.
