4/14, 1:38 PM (Source: TeleTrader)
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Goldman Sachs's Q1 net revenue down by 27% to $12.93B

The Goldman Sachs Group Inc. announced on Thursday its revenue in the first quarter of the year observed an annual decline of 27% to come in at $12.93 billion. Despite that, the figure managed to beat analysts' estimates. The firm's net earnings landed at $3.94 billion, down by 42% in comparison to the same trimester in 2021. Meanwhile, its diluted earnings per share (EPS) dropped by 42% year-on-year to $10.76, but still managed to beat market expectations.

"It was a turbulent quarter dominated by the devastating invasion of Ukraine. The rapidly evolving market environment had a significant effect on client activity as risk intermediation came to the fore and equity issuance came to a near standstill. Despite the environment, our results in the quarter show we continued to effectively support our clients," Goldman Sachs Chairman and Chief Executive Officer David Solomon commented on the results.

Following the release of the report, the bank's shares went up by 1.62% in premarket trading.

Baha Breaking News (BBN) / JR