On the one hand, the bank reported total revenue for the third quarter at $8.32 billion, which exceeded the consensus forecasts of $8.31 billion marginally.
On the other hand, Goldman Sachs’ net profit was recorded at $1.88 billion, which equals total earnings of $4.79 per share. Consequently, the final results missed the initial market expectations for EPS of $4.81.
David M. Solomon, Chairman and Chief Executive Officer of the bank, commented on Goldman Sachs’ quarterly performance by stating that:
“Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment. We continue to execute on our strategic priorities, including investing in important growth opportunities in our existing and new businesses and in delivering for our clients in the most efficient and effective manner possible. We believe that this focus will best position the firm to generate long-term, industry-leading returns for our shareholders.”
His remarks resonate with the opinions expressed by Michael Corbat, in that both stressed on the unpredictability of the current operating environment.
The market reacted somewhat undecidedly to the news. Initially, the share price tumbled by 1.4 dollars, following the market open.
However, it corrected these temporary losses by the end of the day, as the price momentarily peaked at 208.24.
Eventually, the share price closed at 206.46, which amounts to a 0.31 per cent daily gain.
The closing price level corresponds to the 38.2 per cent Fibonacci retracement level, which acts as a minor resistance level.
Therefore, the short-term resistance level seems to be holding on for the time being, which means that the price action is going to struggle with breaking above it.
If it manages to do so, the next target level will be at 212.39. Alternately, the price is likely to test the support at 196.78.
Image source: Trendsharks ©, created with TradingView.com
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