Despite 1Q earnings falling, Goldman Sachs beats estimates
Goldman posted net income of $2.03 billion, compared with year-earlier net income of $2.26 billion. Earnings per share—reflecting the payment of preferred dividends—were $4.02, while net revenue fell 7.6% to $9.33 billion. Analysts polled by Thomson Reuters had expected per-share earnings of $3.45 on revenue of $8.7 billion.
Goldman Sachs said the year-over-year FICC decline reflects "significantly lower net revenues in interest rate products, currencies and mortgages, as well as lower net revenues in credit products." Commodities were a relative bright spot, rising when compared with the first-quarter of 2013.