Goldman Sachs' profits miss forecasts as trading struggled

Goldman Sachs quarterly profit surges 80 per cent Add to ...

Goldman Sachs Group reported the smallest increase in fixed-income trading among peers that have reported first-quarter results, citing weaker interest from clients in commodities and currencies.

Goldman's profit rose from a hard year-ago quarter, with earnings per share of US$5.15 versus US$2.68.

Interestingly enough, Goldman's results were contrasted by the results of other big banks, which saw strength in their respective trading segments. The company posted revenues of $22.248 billion, which outpaced our consensus estimate of $21.540 billion, and earnings of 45 cents per share, which beat our Zacks Consensus Estimate of 35 cents.

Goldman Sachs's share price surged 32 percent from the USA presidential election through the end of previous year on optimism Trump would usher in pro-growth economic policies, and as firm alumni including former President Gary Cohn took up key positions in the administration.

Shares of Goldman Sachs sank 3 percent in pre-market trading to $219.99. The stock presently has an average rating of "Hold" and a consensus target price of $223.77.

Shares of the company slid 3.5 percent to $218.25 at 9:32 a.m.in NY, the worst performance in the Dow Jones Industrial Average. The first quarter is typically the strongest for trading desks, as the investors return from the holidays and reposition their portfolios for the new year. FICC revenue ticked higher to $1.69 billion from $1.66 billion in the year-ago quarter, while analysts had been looking for $2.28 billion.

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For the first quarter of 2016 , the financial giant reported diluted earnings per share of $2.68 on revenue of $6.34 billion.

It was Goldman's first miss on EPS since the fourth quarter of 2015. During the same period in the previous year, the firm posted $4.68 earnings per share.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 30th. The bank's stock to fall in pre-market trading. Goldman's shares tumbled 4.2 percent to $216.80.

Pressed by analysts about Goldman Sachs' client mix, Chavez said that some rivals have a bigger corporate client base, as they have larger lending books and bigger financing units.

The Goldman Sachs Group, Inc is an investment banking, securities and investment management company that provides a range of financial services to corporations, financial institutions, governments and individuals.

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