The swoon in tech stocks hit Goldman’s earnings, with the bank taking paper losses on its stakes in Uber and other companies
Goldman Sachs Group Inc.’s third-quarter profit fell 26% from a year ago, hit by a slowdown in deal-making and losses on the bank’s stakes in companies.
The bank on Tuesday reported $1.88 billion of net earnings, or $4.79 a share, on $8.32 billion of revenue, roughly in line with what analysts had expected. Shares fell 1.1% in premarket trading.
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Goldman Sachs' quarter soured by disappointing banking revenue, writedowns for Uber and other investmentsGoldman took a $267 million markdown on public investments in companies like Uber and Tradeweb Markets.
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