Goldman Sachs' revenue slumps 20 percent

AP News
Posted: Oct 17, 2013 8:24 AM
Goldman Sachs' revenue slumps 20 percent

Goldman Sachs says its third-quarter profit was flat while revenue fell sharply as trading in bonds and other securities slowed.

Goldman Sachs earned $1.43 billion after paying dividends on preferred shares, down slightly from $1.46 billion in the same period a year earlier.

That worked out to $2.88 per share, up from $2.85 per share last year and beating the $2.44 per share expected by financial analysts.

Revenue dropped 20 percent to $6.72 billion from $8.35 billion, coming in below analysts' forecast of $7.41 billion, as trading in bonds, mortgage securities and currencies fell.

Goldman's stock, which was recently added to the Dow Jones industrial average, fell $4.2 or 2.6 percent, to $158 in pre-market trading.

The bank increased its dividend to 55 cents per share from 50 cents.