Shares of Goldman Sachs (NYSE: GS) are falling today, down by 7.5% as of 11:56 a.m. ET after the investment banking giant reported disappointing earnings results for the fourth quarter of 2022.

Goldman posted Q4 earnings per share (EPS) of $3.32 on total revenue of $10.59 billion, which missed estimates by a mile. Analysts had been expecting the company to report $5.48 in EPS on total revenue of $10.83 billion. It was Goldman's worst miss on earnings in a decade.

The big issue appears to be operating expenses, which were a little over $8 billion in Q4, up 11% year over year thanks to transaction-based expenses, higher technology expenses, and the inclusion of losses due to past acquisitions such as the consumer finance company GreenSky. Depreciation and amortization expenses rose 49% year over year.

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Source Fool.com