Goldman Sachs Earnings: Warren Buffett Extracts Pound of Flesh

S&P 500 (NYSE:SPY) component Goldman Sachs Group Inc. (NYSE:GS) saw profit fall amid falling revenue. Goldman Sachs Group, Inc. is a global investment banking and securities firm that specializes in investment banking, trading and principal investments, asset management and securities services.

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Goldman Sachs Group Earnings Cheat Sheet for the First Quarter

Results: Net income for Goldman Sachs Group Inc. fell to $2.73 billion ($1.56/share) vs. $3.46 billion ($5.59/share) a year earlier. A decline of 20.9% from the year earlier quarter.

Revenue: Fell 17.2% to $11.89 billion YoY.

Actual vs. Wall St. Expectations: GS beat the mean analyst estimate of 82 cents/share. Estimates ranged from 24 cents per share to $1.26 per share.

Key Stats:

Net income has dropped 20.9% year over year on average across the last five quarters. Performance was hurt by an 82.2% decline in the second quarter of the last fiscal year from the year earlier quarter.

Warren Buffett was paid $1.64 billion in dividends for investments made during the economic crisis.

Competitors to Watch: Morgan Stanley (NYSE:MS), Barclays PLC (NYSE:BCS), State Street Corp. (NYSE:STT), Citigroup Inc. (NYSE:C), Bank of America (NYSE:BAC), Northern Trust Corporation (NASDAQ:NTRS), JPMorgan Chase (NYSE:JPM), Financials (NYSE:XLF) and Wells Fargo & Company (NYSE:WFC).

Today’s Performance: Shares of GS are trading unchanged from the previous close.


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