Goldman Sachs Twitter Exclusive Earnings Release Hits Media with a Bang

16 October 2015

By John Schoeler

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Earns Goldman SachsEarlier this week, we briefly noted Goldman Sachs decision to release their earnings report exclusively through their Twitter account rather than go the traditional route of press release through a large newswire. With a financial leader like Goldman choosing to forgo the standard practice of a press release, we saw it as a strong statement on how much value they felt the service added to their announcement.

While we were excited by the change, there was still the question of whether or not releasing exclusively through Twitter is a truly viable option. Without the use of the wire, how would the story be picked up? Would there be a stumble when it came to reporting? Would it be met with the same urgency as it would’ve been through traditional media? We maintained a lookout throughout the day to see how the media interaction went.

Goldman first linked to their report at 7:35 AM EDT:

6 minutes later at 7:41 AM – they tweeted out highlights from the report around net revenue, net earnings and common shares – all material information that would’ve been highlighted in a traditional earnings press release.

Story was immediately picked up by all the major financial media outlets including The Wall Street Journal, Ruters, The Street and Bloomberg. In the case of CNN, their own tweet on Goldman’s earnings was live moments after the initial post:

Obviously Goldman’s financial reporting was going to get picked up regardless of how the information was disseminated. What is key here though is that the change in format had no bearing on the speed and efficiency in which the media was able to get the information and publish their own reports. Going forward – it will be interesting to see if other companies follow Goldman’s lead and start taking the dissemination of their corporate reporting and announcements into their own hands.

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