New York - AFP
Goldman Sachs reported on Tuesday that its second-quarter net income was $1.05 billion, more than double the figure from the same period last year, but below analysts\' expectations. Revenues were $7.28 billion, down 18 percent from the same quarter of 2010 and 39 percent lower than in the first quarter of this year, Goldman said in a statement. Analysts had expected revenues of $8.14 billion. Earnings per common share were $1.85, substantially below the consensus analyst forecast of $2.27. \"During the second quarter, the operating environment was more difficult given global macroeconomic concerns,\" Goldman\'s chairman and chief executive Lloyd Blankfein said in the statement. Goldman said its core investment-banking business remained strong, rising 54 percent from the second quarter of 2010, as it led banks worldwide in mergers and acquisitions and the underwriting of stock offerings. But Goldman\'s fixed income, currency and commodities business suffered a 53 percent drop in revenues, which the bank attributed to shaky macroeconomic conditions. \"High levels of uncertainty and decreased levels of liquidity during the quarter contributed to difficult market-making conditions, particularly in mortgages and commodities,\" the bank said. \"The effect of these macro concerns was more pronounced within the firm’s Asian and European franchises.\" Goldman shares were down 3.4 percent in pre-market trade on the New York Stock Exchange.