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Goldman Sachs profit drops sharply and misses estimates, stock dips

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Goldman Sachs Group Inc.

stock is down about 1.7% in premarket trades after the investment bank reported sharply lower fourth-quarter earnings that missed analyst expectations, after a blockbuster year-ago period. Goldman said its fourth-quarter earnings fell to $1.19 billion, or $3.32 a share, from $3.81 billion, or $10.81 a share in the year-ago quarter. Wall Street analysts expected Goldman Sachs to earn $5.56 a share, according to a survey by FactSet. Fourth-quarter revenue dropped to $10.59 billion from $12.64 billion. The company fell short of the analyst estimate of $10.755 billion.

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