Goldman Sachs on Wednesday blew past analysts’ expectations with record first-quarter net profits and revenues on strong performance from the firm’s investment banking and trading businesses.
The bank posted per-share earnings of $18.60, crushing the $10.22 estimate of analysts surveyed by Refinitiv. The results represented growth of 498% from a year earlier. Revenue of $17.7 billion easily topped expectations of $12.6 billion.
Shares of the New York-based bank rose 1.7% following the release, which showed that Goldman’s first-quarter revenues more than doubled on a year-over-year basis.