Lehman, Goldman Profits Fall, but Beat Estimates |
| The New York Times - Mar 18, 2008 |
Two of Wall Street’s top investment banks reported earnings well below the heights of last year, but still beating analysts’ expectations at a time when the financial sector is on edge following the collapse of Bear Stearns.
Lehman Brothers, whose stock took a beating on Monday following the announcement of the Bear Stearns sale, reported $489 million in profit for its first quarter. The earnings, which amount to 89 cents a share on $3.5 billion in revenue, are down 57 percent from the comparable period last year. Analysts surveyed by Thomson Financial expected profit of 72 cents a share.
Meanwhile, Goldman Sachs reported $1.51 billion in profit for its first quarter of 2008. Goldman’s earnings of $3.23 per share on $8.34 billion in revenue is less than half of the $6.67 per share it earned in 2007. Analysts had expected $2.58 a share on $7.3 billion, according to Thomson.
Read Full Article from The New York Times
- Posted: 2008-03-18 09:42:29
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