Shares of Goldman Sachs Inc (NYSE: GS) jumped more than 2.5% on Friday morning as the U.S. lender reported stellar numbers for its fiscal third quarter that blew past the Wall Street estimates.
On CNBC’s “Squawk Boxâ€, Mad Money host Jim Cramer called Q3 a “drop the mic quarter†for Goldman Sachs and said the stock could climb to $500.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
I should have never left Goldman Sachs. Whole countries will never make the kind of money they’re making. It’s just extraordinary. What they’ve done in the first three quarters is better than any year that Goldman has had in the history.
Cramer also lauded the bank’s partnership with Apple for Apple Card that now has 7 million users.
Goldman Sachs reported $5.28 billion in net income for the third quarter that translates to $14.93 per share. In the same period last year, its net income was capped at $3.23 billion or $8.98 per share.
The investment bank generated $13.6 billion in net revenue versus the year-ago figure of $10.8 billion, as per the earnings press release. According to FactSet, analysts had forecast $10.14 of EPS on $11.72 billion in revenue.
Other notable figures include $1.56 billion in net interest income and investment banking revenue that almost doubled to $3.55 billion. Revenue from global markets and consumer and wealth management division jumped 20% and 35%, respectively.
All numbers were “significantly†ahead of estimates and last year’s figures.
The Wall Street bank valued its provisions for bad loans at $175 million versus $278 million in Q3 of 2020. Goldman Sachs repurchased $1.0 billion of stock in the recent quarter and added $67 billion of assets under management to a total of $2.37 trillion.
Shares of the NYSE-listed bank are up 50% this year.
10/10
67% of retail CFD accounts lose money
There is good reason to be afraid. Previous down markets have seen declines in excess…
United Parcel Service, Inc. (NYSE:UPS) and FedEx Corporation (NYSE:FDX) are two robust logistics companies. Both…
Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June,…
Invezz does not provide financial advice. Our aim is to simplify information about investing, enabling…
Noma, a Japanese film studio, has announced that it is producing three feature films that…
Bitcoin (BTC) saw continued strength on June 21 as Wall Street trading opened with a…