Investing.com -- Goldman Sachs reported fourth-quarter earnings that surpassed analyst estimates, driven by strong performance across all segments, particularly in Global Banking & Markets.
The investment banking giant posted adjusted earnings per share of $11.95 for the fourth quarter of 2024, significantly beating the analyst consensus of $8.12. Revenue for the quarter came in at $13.87 billion, exceeding the expected $12.15 billion and marking a 23% increase from the same period last year.
Goldman Sachs shares edged up 1.5% following the earnings release, indicating a mildly positive market response to the results.
For the full year 2024, Goldman Sachs reported net revenues of $53.51 billion, up 16% compared to 2023, and net earnings of $14.28 billion. The company’s return on average common shareholders’ equity (ROE) was 12.7% for the year and 14.6% for the fourth quarter on an annualized basis.
David Solomon, Chairman and CEO of Goldman Sachs, expressed satisfaction with the results, stating, "We are very pleased with our strong results for the quarter and the year. I’m encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both grown our revenues by nearly 50% and enhanced the durability of our franchise."
The company also provided an update on its simplified strategy, outlining key objectives for 2025 and beyond. These include harnessing the "One Goldman Sachs" approach to serve clients, running world-class businesses, and investing to operate at scale.