This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7005769.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Goldman Sachs' bets lift profits | Goldman Sachs' bets lift profits |
(10 minutes later) | |
Investment bank Goldman Sachs has seen its latest profits soar 79%, helped by it betting correctly that the value of mortgage bonds would go down. | Investment bank Goldman Sachs has seen its latest profits soar 79%, helped by it betting correctly that the value of mortgage bonds would go down. |
While the firm's losses caused by the sub-prime crisis were $1.5bn (£747m), it said this was "more than offset" by hedging that mortgage bonds would fall. | While the firm's losses caused by the sub-prime crisis were $1.5bn (£747m), it said this was "more than offset" by hedging that mortgage bonds would fall. |
As a result, the firm's profits for the three months to 31 August rose to $2.85bn from $1.58bn a year earlier. | As a result, the firm's profits for the three months to 31 August rose to $2.85bn from $1.58bn a year earlier. |
It was also boosted by the $1bn sale of its stake in Horizon Wind Energy. | It was also boosted by the $1bn sale of its stake in Horizon Wind Energy. |
'Stunningly good' | |
Goldman's revenues for its third quarter rose 63% to $12.3bn, again beating market expectations. | Goldman's revenues for its third quarter rose 63% to $12.3bn, again beating market expectations. |
Analyst Adam Compton of RCM Global Investors said Goldman's results were "stunningly good". | Analyst Adam Compton of RCM Global Investors said Goldman's results were "stunningly good". |
Other analysts said Goldman was helped by the diversity of its investment portfolio. | |
"It demonstrates how diverse Goldman is both in terms ofits product range, as well as its geographic diversity," saidCamilla Petersen, an analyst at Atlantic Equities in London. |
Previous version
1
Next version