Legal expenses cut $2.77 a share from earnings.
Goldman Sachs’ second quarter earnings showed the shadow of the financial crisis still hangs over the investment bank.
What you need to know: Net income for Goldman Sachs GS 0.38% tumbled 49% to to a little over $1 billion for the second quarter. That translated to earnings per share of $1.98. Analysts had been expecting $3.96. The bank earned $4.10 per share in the same quarter a year ago. Despite the earning drop, Goldman’s revenue was better than expected. The investment bank had sales of just over $9 billion in the quarter, which was slightly lower than a year ago. The biggest part of the plunge came from legal expenses, which Goldman says cut earnings in the quarter by $2.77 a share. Without the legal expense, Goldman’s earnings would have been $4.75 a share, well above expectations.
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