Goldman Sachs Revenues Declined 13%; IBM, J&J Net Decline

Mukesh Buch
19 Jul, 2016
New York City

Goldman Sachs said revenues dropped 13%. IBM profit tumbled 27%. Johnson & Johnson net declined 12% but revenues jumped 4%. Grainger net plunged 22%. Yahoo! net loss widened but revenues increased 6%.

[R]12:30 PM New York – Goldman Sachs said revenues dropped 13%. IBM profit tumbled 27%. Johnson & Johnson net declined 12% but revenues jumped 4%. Grainger net plunged 22%. Yahoo! net loss widened but revenues increased 6%.[/R]

Tollbooth Index decreased 17.05 or 0.2% to 10,883.38.

Earnings Review

Goldman Sachs Group Inc ((GS)) fell 1.5% or $2.52 to $160.81 after the financial services provider said revenues in the second-quarter ending in June plunged 12.7% from a year ago to $7.93 billion.

Net income in the quarter surged 78% to $1.63 billion or $3.72 per diluted share compared to $916 million or $1.98 per share from the same quarter last year.

International Business Machines Corp ((IBM)) slipped 52 cents to $159.34 after the cloud and technology services provider reported revenues in the second-quarter ending in June fell 3% from a year ago to $20.2 billion.

Net income in the quarter tumbled 26.5% to $2.5 billion or $2.61 per diluted share compared to $3.4 billion or $3.50 per share from the same quarter last year.

Johnson & Johnson ((JNJ)) increased 1.2% or $1.51 to $124.65 after the healthcare products maker said sales in the second-quarter ending in June jumped 3.9% from a year ago to $18.5 billion.

Net income in the quarter declined 11.5% to $4 billion or $1.43 per diluted share compared to $4.52 billion or $1.61 per share from the same quarter last year.

W. W. Grainger Inc ((GWW)) dropped 3.9% or $9.05 to $219.80 after the industrial equipment distributor said sales in the second-quarter ending in June fell 2% from a year ago to $2.6 billion.

Net income in the quarter plunged 22% to $173 million or $2.79 per diluted share compared to $221 million or $3.25 per share from the same quarter last year.

Yahoo! Inc ((YHOO)) gained 27 cents to $38.22 after the internet contents provider said revenues in the second-quarter ending in June jumped 5.6% from a year ago to $1.31 billion.

Net loss in the quarter widened to $440 million or 46 cents per diluted share compared to $22 million or 2 cents per share from the same quarter last year.