Goldman Earnings Boosted by Banking, Merger Activity

Lloyd Blankfein

Investment banking giant Goldman Sachs reported quarterly earnings and revenue on Wednesday that far exceeded Wall Street predictions.

Earnings excluding items jumped to $5.60 per share from $1.84 a share in the year-earlier period, with net revenues improving to $9.24 billion from $6.05 billion a year ago.

Wall Street had expected Goldman Sachs to report earnings excluding items of $3.78 a share on $7.91 billion in revenue, according to a consensus estimate from Thomson Reuters.

The investment bank's shares surged more than two percent before the opening bell, following the news. Goldman's stock has been rising on the optimism of a recovering economy, investor inflows into stocks, and expectations that the investment bank is well positioned for a wave of mergers and acquisitions.

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