Goldman Sachs 2Q profit declines 6%, but beats estimates

Goldman Sachs 2Q profit declines 6%, but tops estimates

NEW YORK -- Goldman Sachs said its second quarter profit fell 6% from a year earlier, as the Wall Street firm saw declines across most of its businesses.

However the results were much better than what analysts' had forecast, pushing shares higher in premarket trading.

The New York-based bank said it earned a profit of $2.42 billion, or $5.81 per share, down from $2.57 billion, or $5.98 per share, in the same period a year earlier. Analysts had expected Goldman to earn $4.73 per share.

Goldman's results reflected the fact that many businesses, worried about the current U.S.-China trade war and other economic uncertainties, sat out the second quarter. Investment banking revenues were down 9% from a year ago, reflecting lower advisory fee revenues and bank underwriting fees.

The investment bank had revenue of $14.15 billion in the quarter, which was above what analysts forecast.

Goldman shares rose 1.2% in premarket trading.