Goldman Sachs' revenue fell for first time in 2 years - Apple Card was the problem
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Goldman Sachs reported a revenue decline for the first time in two years, despite beating profit forecasts. The bank's revenue fell 3% to $13.45 billion, missing expectations due to $2.26 billion markdowns from the Apple Card transfer to JPMorgan Chase. However, net earnings rose 6.6% to $4.38 billion, with strong performance in investment banking and equities. The stock dropped 1.3% in premarket trading, reflecting disappointment over revenue figures, despite significant increases in investment-banking fees and equities revenue.
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