Goldman Sachs Shares Drop 3% on Q1 Revenue Miss, While EPS Beats Estimates
<p><a href='https://financialmodelingprep.com/financial-summary/GS'>Goldman Sachs (NYSE:GS)</a> shares fell more than 3% intra-day today after the company reported its Q1 earnings results, with revenue coming in at $12.22 billion, missing the Street estimate of $12.83 billion. EPS was $8.79, above the Street estimate of $8.24.</p>
<p>Goldman Sachs' Q1 profit dropped 19% due to decreased dealmaking and bond trading, as well as losses from asset sales in their consumer business. During the earnings call, CEO David Solomon noted that investment banking activity remains weak and clients are cautious. </p>
<p>He also acknowledged that recent events in the banking sector have lowered growth expectations and increased the risk of credit contractions, as the environment limits banks' ability to extend credit. The failures of Silicon Valley and Signature Bank in March shook investor confidence in the banking sector, but Solomon highlighted that Goldman's overall results were still strong and proved the resilience of big banks.</p>

NYSE:GS