Goldman Sachs Q1 profit plunges more than 40%, but beats Wall Street expectations
Goldman Sachs Group Inc (NYSE:GS) reported its Q1 2022 results before the market on Thursday (April 14) EST. Despite a sharp 42% drop in Q1 profit, it beat Wall Street expectations.
According to the earnings report, Goldman Sachs Q1 revenue was $12.93 billion, down 27% year-over-year, but better than market expectations of $11.83 billion. As a result of the sharp decline in investment banking business, Goldman Sachs Q1 profit fell 42% from a year ago to $3.94 billion, or $10.76 per share, exceeding market expectations of $8.89.
In terms of specific businesses, investment banking Q1 revenue was $2.41 billion, down 36% year-over-year, due to significantly lower fees for equity listings and bond underwriting against the backdrop of the Russia-Ukraine conflict. David Solomon, CEO of Goldman Sachs, said, "Rapidly changing market conditions have had a significant impact on client activity, with equity offerings coming to a near standstill with the rise of risk intermediation. Despite this hostile environment, our first quarter results demonstrate that we continue to effectively support our clients."
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