When Goldman Sachs Group Inc. (NYSE: GS) released its most recent quarterly results before the markets opened on Tuesday, the investment bank said that it had $5.98 in earnings per share (EPS) and $9.40 billion in revenue. Consensus estimates had called for $4.66 in EPS and revenue of $8.74 billion. The same period of last year reportedly had EPS of $3.95 and $7.89 billion in revenue.

Perhaps the biggest announcement in the report is that David Solomon will be taking over the role as chief executive officer effective October 1, 2018. Investors had a chance to react to this news on Monday before earnings came out and promptly sent the stock up about 2%.

During the quarter, Goldman Sachs noted a book value per common share of $194.37 and tangible book value per common share of $183.78. Also, the firm’s Basel III Advanced common equity tier 1 ratio was 11.5% at the end of the quarter.

In terms of its segments the company reported as follows:

• Net revenues in Investment Banking were $2.05 billion for the second quarter of 2018, 18% higher than the second quarter of 2017 and 14% higher than the first quarter of 2018.
• Net revenues in Institutional Client Services were $3.57 billion for the second quarter of 2018, 17% higher than the second quarter of 2017 and 19% lower than the first quarter of 2018.
• Net revenues in Investing & Lending were $1.94 billion for the second quarter of 2018, 23% higher than the second quarter of 2017 and 7% lower than the first quarter of 2018.
• Net revenues in Investment Management were $1.84 billion for the second quarter of 2018, 20% higher than the second quarter of 2017 and 4% higher than the first quarter of 2018.

The investment bank did not offer guidance for the third quarter, but the consensus estimates are $5.22 in EPS and $8.36 billion in revenue.

Lloyd Blankfein, board chair and current CEO, commented:

Solid performance across all of our major businesses drove the strongest first-half returns in nine years. With a healthy economic backdrop and deep client franchises, the firm is well-positioned to invest in attractive opportunities to meet the needs of our clients and continue to generate earnings growth.

Shares of Goldman Sachs traded down more than 1% to $228.44 early Tuesday. The consensus price target is $271.50 and a 52-week range of $214.64 to $275.31.

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