Goldman Sachs earned $2.85 billion, or $6.13 a share, in the three months ended Aug. 31, compared to $1.59 billion, or $3.26 a share, in the third quarter a year ago. Net revenue rose 63% to $12.33 billion from $7.58 billion a year ago.
Bear Stearns reported net income of $171.3 million, or $1.16 a share, for the quarter ended Aug. 31, down from $437.6 million, or $3.02 a share, earned in the same period a year earlier. Net revenue declined 37% to $1.33 billion. Lehman Brothers and Morgan Stanley also reported a profit decline.
In trading (as of 2:40pm today), Lehman Brothers (LEH) is down around 3% and Morgan Stanley (MS) is down around 5%. Goldman Sachs and Bear Stearns are essentially flat. Bear Stearns' troubles had already been priced into its stock since its disastrous bailout of two hedge funds, but I am very surprised that GS has not spiked on the earnings surprise.
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