Goldman Sachs Group Inc Stock Falls on Big Tax Loss
Goldman Sachs Group Inc (NYSE:GS) stock was down today after the company reported a loss due to tax regulations.
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Goldman Sachs Group Inc’s earnings report for the fourth quarter of 2017 includes a net loss applicable to common shareholders of $2.14 billion. The company notes that when excluding the impact of the tax legislation, its net earnings applicable to common shareholders for the quarter come in at $2.26 billion.
Goldman Sachs Group Inc also points out that its losses per share for the fourth quarter of the year was $5.51, which is up from its earnings per share of $5.02 from the same time last year. Excluding the tax legislation, the company’s earnings per share for the quarter are $5.68. Wall Street was estimating earnings per share of $4.92 for the period.
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Revenue reported by Goldman Sachs Group Inc for the fourth quarter of 2017 came in at $7.84 billion. This is down from the bank’s revenue of $8.33 billion from the same period of the year prior. Analysts were looking for revenue of $7.61 billion for the fourth quarter of the year.
For the full year of 2017, Goldman Sachs Group Inc reported earnings per share of $9.01 on revenue of 32.07 billion. Excluding the tax legislation, earnings per share for 2017 were $19.76. The company’s earnings per share and revenue from 2016 were $16.29 and $30.61 billion. Wall Street was expecting earnings per share of $18.88 and revenue of $31.86 billion.
“With the global economy poised to accelerate, new U.S. tax legislation providing tailwinds and a leading franchise across our businesses, we are well positioned to serve our clients and make significant progress on the growth plan we outlined in September,” Lloyd Blankfein, Chairman and CEO of Goldman Sachs Group Inc, said in a statement.
GS stock was down 2% as of Wednesday morning.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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