Goldman revenue climbs as profits fall

NEW YORK — Goldman Sachs’ third-quarter profits fell 3 percent from a year earlier, as the trading desks at Wall Street’s biggest investment bank were weighed down by a slow summer that also affected most of its competition. The results still beat analysts’ forecasts, however.

The Wall Street bank said it earned a profit of $2.04 billion, or $5.02 a share, compared with a profit of $2.10 billion, or $4.88 a share, in the same period a year earlier. The firm’s per-share profit rose because there are fewer Goldman shares outstanding compared with the same period a year ago. Analysts had been looking for Goldman to post a profit of $4.17 a share, according to FactSet.

Goldman’s trading desks, which are weighted toward bonds, currencies and commodities, struggled in the third quarter. Net revenue in that business was $1.45 billion, down 26 percent from a year earlier.

Despite the struggling trading operation, Goldman’s investment banking business had an especially good quarter, reporting a 17 percent rise in revenue. Revenue from underwriting and companies turning to Goldman’s investment bankers for advice both increased during the quarter.

Company-wide revenue was $8.33 billion in the quarter, compared with $8.17 billion a year ago. Analysts were looking for Goldman to have revenue of $7.53 billion.

Goldman’s stock fell $6.32, or 2.6 percent, to close Tuesday at $236.09.