Goldman posts lower profit in mixed quarter for Wall Street
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1 min read . Updated: 14 Apr 2022, 06:08 PM IST - Wall Street bank’s profit fell 42% in first quarter; earnings beat analyst expectations
Goldman Sachs Group Inc.’s profit fell 42% in the first quarter.
The Wall Street bank on Thursday said it earned $3.94 billion, down from $6.84 billion a year ago. Still, per-share earnings of $10.76 exceeded the $8.90 a share expected by analysts polled by FactSet.
Revenue was down 27% to $12.93 billion. That beat the $11.86 billion expected by analysts.
The firm’s investment bankers took in $2.41 billion in fees, 36% lower than a year ago. Far fewer companies went public in a market that endured volatile stock, bond and commodity prices. The quarter also included the highest inflation in decades and the war in Ukraine.
The bank reported a 4% increase in trading revenue to $7.87 billion.
Goldman shares closed Wednesday at $321.97, down 16% for the year. They were up about 2% in premarket trading Thursday.
This story has been published from a wire agency feed without modifications to the text
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