Goldman Beats Street; Net Income Falls 58 Percent

Published January 18, 2012 1:09PM (EST)

NEW YORK (AP) — Goldman Sachs says its net income fell 58 percent in the last three months of last year because of lower investment banking fees in a quarter marked by choppy financial markets.

The investment bank said Wednesday that it made $1 billion, or $1.84 per share, from October through December. The results beat the estimate of $1.28 per share from analysts surveyed by FactSet, a provider of financial data.

Goldman's quarterly revenue fell 30 percent to $6 billion. It set aside $2.2 billion for pay, 2 percent less than the year before.

Goldman's stock is up 1.4 percent at $99.18 in pre-market trading.

By Salon Staff

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