NEW YORK — Goldman Sachs Group Inc. is reporting first-quarter net income of $2.25 billion, down 21 per cent from the year-ago quarter.
The company, based in New York, said it had earnings of $5.71 per share compared with $6.95 per share a year earlier.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $4.74 per share.
The investment bank posted revenue of $13.19 billion in the period. Its revenue net of interest expense was $8.81 billion, falling short of Street forecasts and revenue of $10.08 billion in last year’s first quarter
Goldman shares have risen 24% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 16%. The stock has dropped 19% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GS at https://www.zacks.com/ap/GS
The Associated Press