(Goldman Sachs) Shares of Goldman Sachs fell more than 4% on Tuesday as the company reported a fourth-quarter profit of $3.94 billion or $10.81 a share, down 13% from last year. The earnings were below the expected $11.76 a share.
Fourth-quarter revenue was reported at $12.64 billion, up 8% from the prior year, beating an estimated $12.08 million. Equities revenue missed the projected $2.43 billion by $300 million.
For FY21, Goldman reported a record net revenue of $59.34 billion, up from $44.56 billion in the prior year. Investment banking revenues hit a record $14.88 billion in the year.
Global markets revenues reached a 12-year high of $22.08 billion in FY21, while asset management revenues hit a record $14.92 billion.
Net earnings of the US banking giant were reported at $21.64 billion or $59.45 per share in FY21, an increase from $9.459 billion in the prior year.
Goldman said that its operating expenses rose 23% to $7.27 billion in Q4 2021, more than expected $6.77 billion, reflecting high compensation costs, technology expenses, and litigation costs amounting to $182 million.
GS: NYSE is down -4.13%.
