Goldman Sachs Group Inc (NYSE:GS, ETR:GOS) shares dipped in early trade on Wednesday despite the investment banking firm reporting better-than-expected results for the second quarter.
The company posted a 15% year-over-year jump in revenue to $14.58 billion, more than $1 billion ahead of the consensus estimate of $13.51 billion.
This was driven by growth in equities trading revenue to $4.3 billion, up 36% from a year earlier and $650 million more than expected by analysts.
Earnings of $3.72 billion or $10.91 per share also topped estimates of $9.59.
Net interest income surged 56% to approximately $3.1 billion, above analysts' $2.79 billion consensus.
Goldman Sachs also upped its quarterly dividend to $4 per share for Q3.
“Our strong results for the quarter reflected healthy client activity levels across our businesses, our differentiated franchise positions and the talent and commitment of our people,” Goldman Sachs CEO David Solomon said in a statement.
“Given the strategic decisions and investments we’ve made, we continue to believe that the firm is well positioned to perform for our shareholders.”
Following the strong quarterly report, shares of Goldman Sachs edged 0.5% lower to $699 on Wednesday morning. The stock is up 22% in the year to date.