NEW YORK (CNN/Money) - Wall Street investment banks Goldman Sachs and Lehman Brothers both posted better-than-expected third-quarter earnings Tuesday.
Goldman reported it earned $879 million, or $1.74 a share, up from $677 million, or $1.32 a share it earned a year earlier. Analysts surveyed by earnings tracker First Call were forecasting earnings per share (EPS) of $1.43 in the period.
Goldman also posted net revenue of $4.5 billion, down 18 percent from the second quarter but up 19 percent. Net revenue reflects total revenue less interest expense.
Lehman saw earnings fall but not as much as expected. It earned $505 million, or $1.71 a share, down from $480 million, or $1.81 a share a year earlier. But First Call's forecast had been for EPS to fall to $1.55
Lehman blamed a more challenging market environment for the drop in profits. But the company profit decline occurred as net revenues rose 12 percent to $2.6 billion.
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