Goldman Sachs shun the wire for their Q3 earnings in favor of digital channels
Goldman Sachs ($GS) announced last week that they will not be utilizing their wire distribution service to release their Q3 earnings. Instead they plan to distribute their statements through their website and Twitter account this week.
Goldman will publish their statements and information to their website and link to the page(s) in a series of tweets. According to a statement provided to the Wall Street Journal, Goldman Sachs is choosing this route as a way to control the way its financial information is shared. This news follows the recent well-publicized hackings and premature release of financial information through traditional third-party services, although it’s unclear if the move by Goldman Sachs is directly related.
They are not the first to make the move to social – digital companies Twitter and Zillow have unsurprisingly utilized the channel to publish their statements – however Goldman Sachs will be a pioneer of the approach among financial service companies.
It remains to be seen how widespread this approach becomes. While Goldman Sachs may be one of the first, we don’t predict them to be the last especially in an ever changing digital environment where online security is increasingly threatened.
As of Friday, it has still not been made clear on their IR site what their plan is which will cause some confusion. Also, whether they will be sponsoring tweets, broadcasting via Periscope or publishing to other social channels is still not clear.
If you have any questions about this event, please contact us at investisUSA@investis.com.
UPDATE: Goldman Sachs released earnings this morning (Oct. 15) via the tweet below – How effective this was versus the wire is still to be confirmed.