Goldman Sachs tops profit estimates as equities, asset and wealth management outperform

Goldman Sachs on Thursday topped expectations for fourth quarter profit as equities trading and asset and wealth management produced nearly $900 million more in revenue than expected.

The company said profit jumped 12% from a year earlier to $4.62 billion, or $14.01 per share, on gains across its capital markets businesses. That EPS handily topped analyst expectations, even if excluding the preannounced 46 cent per share gain from Goldman’s sale of its Apple Card business.

Revenue dipped 3% to $13.45 billion in the quarter, which the company blamed on a revenue hit from offloading the Apple Card loan portfolio to rival bank JPMorgan Chase and the early termination of its contract with the tech giant.

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