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Goldman Sachs Reports Q1 Earnings, Exceeding Market Expectations

By John F. Heerdink, Jr.

Reportedly, the Goldman Sachs Group, Inc. (GS) reported first-quarter net profits and revenues, beating analysts’ estimates driven by a strong performance from the firm’s investment banking and trading businesses.

“We have been working hard alongside our clients in preparation for a world beyond the pandemic and a more stable economic environment. Our businesses remain very well positioned to help our clients reposition for the recovery, and that strength is reflected in the record revenues and earnings achieved this quarter.” stated CEO David Solomon.

The bank reported per-share earnings of $18.60, much above the $10.22 estimate of analysts. Revenue of $17.7 billion topped expectations of $12.6 billion. Financial advisory revenues amounted to $1.12 billion. Bank’s investment banking business reported the quarter with revenue of $3.77 billion, with equity underwriting hitting a record.  

In its Global Markets unit, traders generated a 47% bump in revenue from a year earlier to $7.58 billion, split between $3.89 billion in fixed-income trading and $3.69 billion in equities revenue. ICC and equities combined accounted for 43% of the firm’s quarterly revenue. Asset management delivered revenue of $4.61 billion, while the consumer and wealth management division reported revenue of $1.74 billion.

The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base. To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page

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(Read Original Story: Goldman Sachs Q1 earnings smash expectations on banking boom, record revenue in Yahoo Finance)


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