Goldman Sachs tumbles in premarket on weak quarterly results

Goldman Sachs (GS.US) stock fell more than 2.6% before the opening bell after the banking giant posted disappointing quarterly results. Similar to its competitors, sharp declines were recorded by investment banking and asset management divisions.

• Company earned $3.32 per share well below analysts’ estimates of $5.48 estimate and compared to $10.81 per share a year earlier.

• Revenue fell 16.0% YoY to $10.59 billion also came in below market estimates of $10.83 billion

• Dealmaking activity is slowing down sharply amid rising recession fears, rising interest rates and high inflation. 

• On January 13, 2023, the Board of Directors declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.

Goldman Sachs (GS.US) stock pulled back sharply following earnings release and is approaching major support at $357.00 which coincides with 23.6% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5