Source: Unsplash | Photographer: Floriane Vita
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On Wednesday, one of the leading U.S. banks, Goldman Sachs, announced better-than-expected Q3 2020 results due to strong bond trading and asset management performance. Shortly after the news, the bank’s shares rose by an extra 0.6% on top of the 2.2% gains achieved in premarket trading.
The main financial highlights in Goldman Sachs’ earnings release are:
– Total earnings: $10.78 billion (30% increase year-over-year) vs. expectations for $9.46 billion. According to the bank, this growth was mainly driven by the trading and asset management divisions.
– Net earnings: $3.62 billion
– Earnings per share: record $9.68 vs. expectations for $5.57
– Trading Revenue: The trading division generated $4.55 billion in revenue (29% increase year-over-year) thanks to strong bond trading results ($2.5 billion) and trading revenue from equities ($2.05 billion).
– Asset management division: The asset management division generated $2.77 billion in revenue (71% increase year-over-year).
The 151-year-old investment bank is currently undergoing a major internal restructuring and has already launched several digital banking products in an attempt to catch up on its competition.
“Our ability to serve clients who are navigating a very uncertain environment drove strong performance across the franchise, building off a strong first half of the year.”
David Solomon, CEO
Goldman Sachs is also pushing to get more revenue from wealth management, similarly to its rival Morgan Stanley, but it has yet to announce any major acquisitions.
Upcoming reports
See the full list of upcoming earnings reports for 19 – 23 October in the tables below.
Monday, October 19th 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | International Business Machines Corp | Q3 2020 |
| USA | Cadence Design Systems Inc | Q3 2020 |
| USA | Halliburton Co | Q3 2020 |
| Kingdom of the Netherlands | Koninklijke Philips NV | Q3 2020 |
Tuesday, October 20th 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | iRobot Corp | Q3 2020 |
| USA | Texas Instruments Inc | Q3 2020 |
| USA | Snap Inc | Q3 2020 |
| Canada | Canadian National Railway Co | Q3 2020 |
| USA | Interactive Brokers Group Inc | Q3 2020 |
| Austria | Telekom Austria AG | Q3 2020 |
| USA | Philip Morris International Inc | Q3 2020 |
| USA | Lockheed Martin Corp | Q3 2020 |
| USA | IQVIA Holdings Inc | Q3 2020 |
| USA | Paccar Inc | Q3 2020 |
| USA | Harley-Davidson Inc | Q3 2020 |
| USA | Procter & Gamble Co | Q1 2021 |
| USA | Travelers Companies Inc | Q3 2020 |
| Norway | Nordic Semiconductor ASA | Q3 2020 |
| Sweden | Husqvarna AB | Q3 2020 |
| Norway | Yara International ASA | Q3 2020 |
| Sweden | Volvo AB | Q3 2020 |
| Norway | Gjensidige Forsikring ASA | Q3 2020 |
| Switzerland | UBS Group AG | Q3 2020 |
Wednesday, October 21st 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Whirlpool Corp | Q3 2020 |
| USA | Xilinx Inc | Q2 2021 |
| United Kingdom | TechnipFMC PLC | Q3 2020 |
| USA | Tesla Inc | Q3 2020 |
| USA | Microsoft Corp | Q1 2021 |
| USA | Lam Research Corp | Q1 2021 |
| USA | SLM Corp | Q3 2020 |
| USA | Chipotle Mexican Grill Inc | Q3 2020 |
| USA | CSX Corp | Q3 2020 |
| USA | KeyCorp | Q3 2020 |
| USA | Brinks Co | Q3 2020 |
| USA | Alexion Pharmaceuticals Inc | Q3 2020 |
| USA | Abbott Laboratories | Q3 2020 |
| USA | Biogen Inc | Q3 2020 |
| USA | Verizon Communications Inc | Q3 2020 |
| United Kingdom | Manchester United PLC | Q4 2020 |
| USA | Las Vegas Sands Corp | Q3 2020 |
| Sweden | Telefonaktiebolaget LM Ericsson | Q3 2020 |
| Germany | Software AG | Q3 2020 |
| Spain | Iberdrola SA | Q3 2020 |
| Sweden | Saab AB | Q3 2020 |
| Norway | Storebrand ASA | Q3 2020 |
| Kingdom of the Netherlands | Randstad NV | Q3 2020 |
| Kingdom of the Netherlands | Akzo Nobel NV | Q3 2020 |
| Sweden | Telia Company AB | Q3 2020 |
| Norway | Telenor ASA | Q3 2020 |
| USA | Netflix Inc | Q3 2020 |
Thursday, October 22nd 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Intel Corp | Q3 2020 |
| USA | Gilead Sciences Inc | Q3 2020 |
| USA | Verisign Inc | Q3 2020 |
| USA | Mattel Inc | Q3 2020 |
| USA | Capital One Financial Corp | Q3 2020 |
| USA | Kimberly-Clark Corp | Q3 2020 |
| USA | Coca-Cola Co | Q3 2020 |
| USA | American Airlines Group Inc | Q3 2020 |
| USA | Fifth Third Bancorp | Q3 2020 |
| USA | Patterson-UTI Energy Inc | Q3 2020 |
| USA | American Electric Power Company Inc | Q3 2020 |
| USA | GNC Holdings Inc | Q3 2020 |
| USA | Valero Energy Corp | Q3 2020 |
| Israel | Check Point Software Technologies Ltd | Q3 2020 |
| USA | Nucor Corp | Q3 2020 |
| USA | Freeport-McMoRan Inc | Q3 2020 |
| USA | Citrix Systems Inc | Q3 2020 |
| USA | AT&T Inc | Q3 2020 |
| USA | Northrop Grumman Corp | Q3 2020 |
| USA | Sirius XM Holdings Inc | Q3 2020 |
| USA | Entegris Inc | Q3 2020 |
| USA | Union Pacific Corp | Q3 2020 |
| USA | Cerner Corp | Q3 2020 |
| Switzerland | STMicroelectronics NV | Q3 2020 |
| Norway | PGS ASA | Q3 2020 |
| Norway | Dnb ASA | Q3 2020 |
| Sweden | Skandinaviska Enskilda Banken AB | Q3 2020 |
Friday, October 23rd 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | American Express Co | Q3 2020 |
| USA | Illinois Tool Works Inc | Q3 2020 |
| Japan | Fujitsu General Ltd | Q2 2021 |
| Germany | Daimler AG | Q3 2020 |
| Finland | Nordea Bank Abp | Q3 2020 |
| United Kingdom | Barclays PLC | Q3 2020 |
| Sweden | Electrolux AB | Q3 2020 |
| Switzerland | Abb Ltd | Q3 2020 |
| Belgium | Orange Belgium SA | Q3 2020 |
| Norway | Norsk Hydro ASA | Q3 2020 |
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