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.
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.
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.