Goldman Sachs Q1 revenues come in ahead of expectations

(Sharecast News) - Investment banking giant Goldman Sachs posted Q1 revenues that came in ahead of analysts' expectations thanks to a solid performance by its equity trading arm. Goldman Sachs said net revenues came to $15.06bn in Q1, surpassing expectations of $14.8bn, while net earnings grew 15% to $4.74bn. Equity trading revenues surged 27% year-on-year to $4.19bn, while investment banking revenues slipped 8% to $1.91bn.

The New York-based lender also stated operating expenses had risen 5% year-on-year to $9.13bn as a result of "significantly higher transaction-based expenses" and "higher compensation and benefits expenses".

Chairman David Solomon said: "Our strong results this quarter have demonstrated that in times of great uncertainty, clients turn to Goldman Sachs for execution and insight.

"While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients."

As of 1530 BST, Goldman Sachs shares were up 2.14% at $505.00 each.







Reporting by Iain Gilbert at Sharescast.com