UPDATE: Goldman Sachs Posts Upbeat Q1 Results

The Goldman Sachs Group

reported a 10% drop in its first-quarter earnings. Goldman Sachs posted its quarterly earnings of $2.03 billion, or $4.02 per share, down from $2.26 billion, or $4.29 per share, in the year-ago period. Its total revenue declined 8% to $9.33 billion from $10.09 billion. However, analysts were estimating earnings of $3.48 per share on revenue of $8.66 billion. Goldman Sachs' investment banking revenue rose 13% to $1.78 billion from $1.57 billion, while fixed income revenue slipped 11% to $2.85 billion versus $3.22 billion. Goldman Sachs shares gained 1.61% to $159.75 in pre-market trading.