Goldman Sachs (GS) Second-Quarter Profit Drops 82%

Goldman Sachs (GS) reported Q2 earnings today. The NY-based co. said second-quarter profit dropped 82%, missing analysts’ estimates. The financial giant saw its net income fall to $613 million, or 78 cents a share, from $3.44 billion, or $4.93, a year earlier and $5.59 for the first quarter of 2010. Analyst expectations were for EPS of $2.04. Revenue dropped too, printing $8.84 billion, down from $13.76 billion or 36% below the second quarter of last year.

Goldman said excluding the impact of the $600 million related to the U.K. bank payroll tax and the $550 million related to the SEC settlement, diluted earnings per common share were $2.75 for the second quarter of 2010.

“The market environment became more difficult during the second quarter and, as a result, client activity across our businesses declined,” Lloyd Blankfein, Goldman Sachs’s CEO, said in a statement.

GS shares gained 28 cents, or 0.19%, to $146.00 in recent trading.

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