$GS (-0,04%)

• Sales increase by 15% compared to the previous year, driven by strong results in Global Banking & Markets.

• The investment banking giant reported earnings per share of USD 10.91, beating analysts' estimates of USD 9.59 by USD 1.32.

• Revenue amounted to USD 14.58 billion, above the consensus estimate of USD 13.51 billion and up 15% compared to the second quarter of 2024.

• Revenue in the Global Banking & Markets increased by 24% year-on-year to USD 10.12 billion.

• Income from investment banking fees rose by 26% to USD 2.19 billion.

• The equities business recorded an increase in turnover of 36% to USD 4.30 billion, while the Fixed Income, Currency and Commodities (FICC) division Fixed Income, Currency and Commodities (FICC) recorded growth of 9 % to 3.47 billion US dollars.

• "Our strong quarterly results reflect healthy client activity across our businesses, our differentiated market positions and the talent and dedication of our people," said David Solomon, Chairman and CEO of Goldman Sachs. "The economy and markets are generally responding positively to the evolving political environment."

• Turnover in the Asset & Wealth Management decreased 3% year-over-year to $3.78 billion due to significantly lower net revenues from equity and fixed income investments, partially offset by higher management and other fees.

• The efficiency ratio of the company improved to 62.0% in the first half of 2025, compared to 63.8% in the first half of 2024.

• The operating expenses increased by 8 % year-on-year to USD 9.24 billion, mainly due to higher expenses for compensation and benefits as a result of the improved business performance.

• Goldman Sachs also announced that it will increase the quarterly dividend to USD 4.00 per common share. A total of $3.96 billion was returned to shareholders during the quarter, including $3.00 billion through share repurchases and $957 million through dividends.

• Youtube channel for stock analysis: www.youtube.com/@Verstehdieaktie

As the earnings season starts again, here is a summary of the most important figures next week.

$JPM (+0,31%)
$C (-0,07%)
$WFC (+5,05%)
$BLK (-0,18%)
$JNJ (-0,1%)
$GS (-0,04%)
$BAC (-0,01%)
$AA (+0,91%)
$ASML (+0,61%)
$PLD (-0,24%)
$UAL (-0,11%)
$KMI (-0,29%)
$PEP (-0,06%)
$ABT (+0,09%)
$Netflix
$TSM (+0,61%)
$USB (-0,11%)
$IBKR (-0,02%)
$AXP (-0,28%)
$MMM (-0,17%)

$GS (-0,04%)
$CSPX (-0,05%)
$VUSA (-0,05%)
$VUAG (-0,05%)
$SPYL (-0,04%)
$SPYD (-0,04%)
$ISP6 (-0,19%)
$SPXS (-0,05%)

Goldman Sachs forecasts that the rally in the S& P 500 is likely to continue over the next few weeks before losing momentum in August. Historically, July is the strongest month for the S& P with an average gain of 1.67% since 1928, and the first two weeks are usually the best.

It remains exciting ✌️🚀

$GS (-0,04%) warns that the Q2 2025 figures will reveal the impact of US tariffs on companies' profit margins for the first time. Companies with low price leadership in particular could be forced to bear the higher costs themselves. $GIS (-0,07%) warned of higher costs and was punished on the market. $NKE (-0,16%) was able to calm the market by successfully passing on costs. Analysts expect earnings growth of only 2.6% for the S&P 500, a considerable decline. According to Estimates, only Communications and Info Tech are likely to increase their margins year-on-year. The 9 other sectors, especially Energy, are most likely to report margin declines.

𝖣𝖾𝗎𝗍𝗅𝗂𝖼𝗁𝖾 𝖵𝖾𝗋𝗅𝖺𝗇𝗀𝗌𝖺𝗆𝗎𝗇𝗀 𝖽𝖾𝗌 𝖦𝖾𝗐𝗂𝗇𝗇𝗐𝖺𝖼𝗁𝗌𝗍𝗎𝗆𝗌 (𝖸𝗈𝖸 𝖤𝖯𝖲) 𝗂𝗆 𝖲&𝖯 500 𝖿ü𝗋 𝖰2

Unfortunately, the dividend is lower due to the weak dollar. Nevertheless, the dividend yield over the past 12 months is still just over 2%

$KSB (-1%)
$NU (+0,11%)
$RKLB (+0,65%) and $7974 (+1,39%) have pushed my portfolio so much this week that I am now about 0.5% away from my big milestone.

Will it happen today?

Probably not, but who knows. It's been a crazy week somehow.

Crate of beer is cold. I just don't like champagne.

Edit.

Not $7974 (+1,39%) but $GS (-0,04%) 😉

Industry in Germany: 100,000 jobs cut

German industry is facing a profound upheaval. In just one year, around 100,000 jobs have been lost, representing a massive decline in the sector. The automotive industry in particular, which includes Mercedes $MBG (+0,5%) is severely affected. Around 45,400 employees have lost their jobs here. There are numerous factors behind this trend: technological innovations, the shift towards sustainable mobility concepts and global economic challenges that are increasing the pressure on the country's industrial base. This development could not only jeopardize Germany's economic stability, but also have a lasting impact on social structures in the affected regions. The question remains as to how politicians and companies will react to this change and whether new jobs can be created in promising sectors.

Northvolt's decline: a premature end

In recent years, Northvolt, a start-up specializing in cell manufacturing, has attracted a lot of attention. With over 15 billion dollars raised in a single financing round, the company was considered the largest of its kind. European politicians were keen to promote cell production on the continent in order to reduce dependence on Asian manufacturers. Despite support from well-known investors such as Volkswagen $VOW3 (+0,86%) and Goldman Sachs $GS (-0,04%)who were betting on a revolutionary future, the company went bankrupt two years after a valuation of 12 billion dollars. This rapid decline not only calls Northvolt's future into question, but also highlights the challenges facing innovative companies today. The lesson to be learned here concerns the risks and uncertainties in a rapidly changing economic environment.

Sources:

https://www.spiegel.de/wirtschaft/unternehmen/industrie-in-deutschland-100-000-jobs-in-einem-jahr-abgebaut-a-e60643f6-53f6-4abe-a1d0-085678c58803

https://www.manager-magazin.de/unternehmen/northvolts-niedergang-warum-europas-vorzeige-start-up-am-ende-scheiterte-a-c335f293-934f-403d-8942-9b0fc89fa82f

$GS (-0,04%)