Goldman Sachs Exceeds Estimates in Fourth Quarter Earnings

Goldman Sachs (GS) shares gained in premarket trading Wednesday after the bank reported better-than-expected fourth-quarter results.

The bank reported $4.11 billion in profit on $13.87 billion in revenue, well above the respective $2.89 billion and $12.31 billion that analysts estimated, per Visible Alpha. Goldman registered $2.35 billion in net interest income, above the $2.1 billion expectation.

"I'm encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both grown our revenues by nearly 50% and enhanced the durability of our franchise," Goldman CEO David Solomon said.

Goldman shares were up 1.5% immediately following Wednesday's report. They had gained more than 50% over the past year through Tuesday's close.

Goldman had topped estimates in each of the first three quarters of fiscal 2024, with a strong stock market and rising fees boosting the firm's investment banking revenue.

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