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.
The surprise results contrast with reports from Goldman Sachs’s three bigger competitors.
Goldman’s revenue from bond trading climbed 1% to $1.69 billion, the New York-based company said in a news release Tuesday.
Analysts surveyed by Bloomberg estimated $2.03 billion. Shares of the company slid 2.2% to $221.21 in early trading at 7:44 a.m. in New York. The stock had dropped 5.5% this year through Monday.
“The operating environment was mixed, with client activity challenged in certain market-making businesses,” CEO Lloyd Blankfein said in the release.
However, its net income almost doubled to $2.26 billion, or $5.15 a share, from $1.14 billion, or $2.68 a share a year earlier. The average estimate of 17 analysts surveyed by Bloomberg was for adjusted earnings of $5.34 a share.
Companywide revenue rose 27% to $8.03 billion, compared with the $8.33 billion average estimate of analysts surveyed by Bloomberg. Expenses increased 15 percent to $5.49 billion.
