Shares of Goldman Sachs Group Inc. fell 1% in premarket trade Tuesday, although the investment bank reported second-quarter earnings and total revenue that rose above expectations, although equities revenue missed. Net income grew to $2.35 billion, or $5.98 a share, from $1.63 billion, or $3.95 a share, in the same period a year ago. The FactSet consensus for earnings per share was $4.65. Total revenue rose to $9.40 billion from $7.89 billion, topping the FactSet consensus of $8.70 billion, as net interest income increased to $1.00 billion from $788 million to top expectations of $869.7 million. Institutional client services revenue grew 17% to $3.57 billion, just shy of the FactSet consensus of $3.63 billion, as fixed income, currency and commodities (FICC) revenue rose 45% to top expectations while equities revenue was flat to miss expectations. Total assets declined to $969 billion as of June 30 from $974 billion as of March 31. The stock had shed 9.2% year to date through Monday, while the SPDR Financial Select Sector ETF had slipped 1.6% and the Dow Jones Industrial Average had gained 1.4%.
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