Goldman Sachs profits fall, but beats estimates

Warren Buffett poses for a photo with girl scout Molly Maloy of Omaha, holding his bill-fold, at a Dairy Queen in Omaha, Neb., Tuesday, July 1, 2008. Buffett said Tuesday he was blown away by the $2.1 million that Zhao Danyang bid to win the charity auction lunch with him, that benefits San Francisco's Glide Foundation. But Buffett said the size of Zhao's bid doesn't necessarily mean the lunch will last longer than the usual three hours he spends with auction winners.(AP Photo/Nati Harnik)Harnik)
AP

(AP) NEW YORK - Goldman Sachs (GS) says its net income fell 11 percent in the April-to-June period after the investment bank's clients traded less and made fewer deals as global financial markets turned volatile.

The New York bank said its net income available to common shareholders fell to $962 million, or $1.78 per share, for the quarter. That compares with $1.09 billion, or $1.85 per share, a year ago.

That's far more than the $1.17 per share that analysts were expecting.

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Revenue for the three months ended June 30 declined 9 percent to $6.63 billion. That's more than Wall Street's expectations of $6.2 billion.

Goldman Sachs' stock rose $1.82 to $99.50 in premarket trading.