Earnings season for big banks continued Monday morning with Goldman Sachs Group Inc GS reporting mixed first quarter results.
What Happened
Goldman Sachs said it earned $5.71 per share in the first quarter on revenue of $8.807 billion versus expectations of $4.89 per share and $9.04 billion. Net earnings for the quarter fell from $2.832 billion in the same quarter last year to $2.251 billion as total revenue fell 13 percent.
By segment, Investment Banking revenue was unchanged year-over-year at $1.81 billion, Institutional Client Services revenue fell 18 percent to $3.61 billion, Investing & Lending revenue fell 14 percent to $1.84 billion.
Book value per common share rose from $186.73 last year to $209.07 and tangible book value per share rose from $176.28 to $198.25.
Why It's Important
Goldman Sachs said it assumed top ranks in completed mergers and acquisitions for the year-to-date period. This contributed to strong performance in the Financial Advisory (part of the Investment Banking unit). The company also ranked No. 1 in global equity and equity-related offerings and common stock offers so far in 2019.
The company's core business generated "solid results" despite a "muted start" to 2019, Goldman Sachs CEO and Chairman David Solomon said in a press release.
Shares of Goldman Sachs were trading nearly flat following the print after swinging from negative to positive. The stock closed Friday at $207.84 per share.
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