Goldman Sachs Group Inc. (NYSE: GS) said on Wednesday that its profit and revenue jumped to a record high in the fiscal first quarter to beat market expectations by a significant margin.
Goldman Sachs shares were reported about 1.5% up in premarket trading on Wednesday. Including the price action, the stock is now exchanging hands at £242 per share. In comparison, it had started the year at £192.60 per share after recovering from a low of £100 per share in March 2020, when the COVID-19 crisis was at its peak.
Goldman Sachs’ Q1 financial results versus analysts’ estimates
Goldman Sachs said that its net income in the first quarter came in at £4.88 billion that translates to £13.52 per share. In the comparable quarter of last year, its net income was capped at a sharply lower £810 million, or £2.26 per share.
The investment bank posted an over 100% growth in total revenue in Q1 to £12.86 billion versus the year-ago figure of £6.35 billion.
According to FactSet, experts had forecast the company to record £9.13 billion of revenue in the recent quarter. Their estimate for per-share earnings stood at a lower £7.43. In the prior quarter (Q4), Goldman Sachs’ net income jumped more than 100%.
The American multinational’s net interest income printed at £1.08 billion in the first quarter or 12.9% higher than last year. FactSet consensus for its net interest income was for a lower £970 million.
In separate news from the United States, Wedbush assumed coverage of Snap’s stock on Wednesday with a rating of ‘outperform’.
Other prominent figures in Goldman Sachs’ earnings report
Other prominent figures in Goldman Sachs’ earnings report
