Investing.com – Shares of Goldman Sachs Group Inc (NYSE:GS) sank more than 5% on Tuesday, after the investment bank reported first-quarter earnings that missed on the top and bottom lines.
The Wall Street bank posted earnings-per-share (EPS) of $5.15 on $8.026 billion of revenue against analysts’ expectations of EPS of $5.31 on $8.446 billion of revenue. This was the first time in 15 months that Goldman failed to beat earnings expectations.
A slump in revenues from equities trading, was one the key factors that weighed on top-line growth; compared to the same period last year equities trading revenue fell 6% while revenues from bond, currency and commodities trading were almost unchanged.
"The operating environment was mixed, with client activity challenged in certain market-making businesses and a more attractive backdrop for underwriting in our investment banking franchise," Chairman and CEO Lloyd C. Blankfein said in a release.
Goldman Sachs last traded at $215.56, down 4.7% at 15:20 EDT.