Arab Today, arab today goldman sachs firstquarter profit falls but tops estimates
Last Updated : GMT 14:25:50
Arab Today, arab today
Arab Today, arab today

Goldman Sachs first-quarter profit falls but tops estimates

Arab Today, arab today

Arab Today, arab today Goldman Sachs first-quarter profit falls but tops estimates

New York - XINHUA

Goldman Sachs Group, Inc. on Thursday reported declines in first-quarter earnings and revenues from the year-ago period, but its results still managed to beat Wall Street's forecast. The company reported net revenues of 9.33 billion U.S. dollars for the first quarter of 2014, down 8 percent year on year, beating analysts' average forecast of around 8.70 billion dollars. Meanwhile, the company's net earnings applicable to common shareholders for the first quarter fell 11 percent to 1.95 billion dollars, or 4.02 dollars per diluted common share, which also topped market estimates. "Investment Banking and Investment Management generated solid results, while market sentiment shifted throughout the quarter, constraining client activity in various parts of our franchise," said Lloyd C. Blankfein, Goldman Sachs chairman and chief executive officer, in the earnings report. Goldman Sachs said its investment banking produced net revenues of 1.78 billion dollars, which is the highest quarterly performance since 2007. However, revenues from the company's investing and lending, as well as its fixed income, currency and commodities client execution pressured the company's results. Net revenues in investing and lending were 1.53 billion dollars for the first quarter, 26 percent lower than the year-ago period, while net revenues in fixed income, currency and commodities client execution declined 11 percent to 2.85 billion dollars. Shares of Goldman Sachs rose mildly in early trading on Thursday following its better-than-expected results released before the opening bell.

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