The sports category has moved to a new website.
ADVERTISEMENT

Shares fall as profits up less than expected

Earnings for the quarter ending March 31 were $2.3 billion, up 80.2 percent from the year-ago period.

Goldman Sachs chairman and CEO Lloyd Blankfein, pictured in 2015, said the company is well-positioned to not only meet our clients' diverse needs, but also to generate operating leverage for our shareholders

Earnings for the quarter ending March 31 were $2.3 billion, up 80.2 percent from the year-ago period, due in part to accounting change in employee share-based compensation that reduced taxes by $475 million.

Revenues rose 26.6 percent to $8.0 billion.

Goldman reported a middling performance in its institutional client business, with net revenues down two percent from the year-ago period. This division includes trading for fixed income, equities and other security-based products, a strong point at other banks this quarter.

ADVERTISEMENT

Goldman's performance was better in its investing and lending business, where it scored a big jump in revenues due in part to elevated equity prices and greater net interest income with higher interest rates.

In its "investment banking" segment, Revenues from merger and acquisition advising fell from the year-ago period, but underwriting posted a strong gain.

"The operating environment was mixed, with client activity challenged in certain market-making businesses and a more attractive backdrop for underwriting in our investment banking franchise," said Goldman Sachs chief executive Lloyd Blankfein.

"As the economy improves, we are well-positioned to not only meet our clients' diverse needs, but also to generate operating leverage for our shareholders."

Earnings translated into $5.15 per share, below the $5.31 estimated by Wall Street analysts.

ADVERTISEMENT

Goldman Sachs shares dropped 2.6 percent to $220.30 in pre-market trading.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Plateau councillors fault suspension by Gov Mutfwang, describe move as illegal

Plateau councillors fault suspension by Gov Mutfwang, describe move as illegal

Former U.S. vice president Pence files paperwork formalising bid for presidency

Former U.S. vice president Pence files paperwork formalising bid for presidency

APC governors endorse Abbas, Kalu for Speaker and Deputy Speaker

APC governors endorse Abbas, Kalu for Speaker and Deputy Speaker

Bandit attacks leave 37 dead in Sokoto, Gov Aliyu vows action

Bandit attacks leave 37 dead in Sokoto, Gov Aliyu vows action

FG, Labour to meet June 19 on subsidy implementation framework

FG, Labour to meet June 19 on subsidy implementation framework

Obi, LP tender more documents in evidence against Feb. 25 presidential election

Obi, LP tender more documents in evidence against Feb. 25 presidential election

8 demands from health workers to President Tinubu

8 demands from health workers to President Tinubu

TUC demands Tinubu increase minimum wage from ₦‎30k to ₦‎200k

TUC demands Tinubu increase minimum wage from ₦‎30k to ₦‎200k

NLC, TUC suspend strike after  meeting with FG

NLC, TUC suspend strike after meeting with FG

ADVERTISEMENT
ADVERTISEMENT