No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(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
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.