Goldman Sachs Smashes Estimates

At least they’re still making tons of money. Analysts were looking for just $4.01 per share.

The full report is here.

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NEW YORK (AP) — Goldman Sachs Group Inc. says its first-quarter earnings almost doubled to $3.3 billion as its trading business again surpassed the rest of the financial industry. It was a bit of good news for the bank as it faces a government civil fraud charge.

The company says it set aside 43 per cent of revenue in the first three months of the year to pay employee salaries and bonuses, down from 50 per cent for the same period last year.

Goldman Sachs earned $5.59 a share on revenue of $12.78 billion as bond, commodities and currency trading buoyed its profits for yet another quarter. That was well above expectations of analysts surveyed by Reuters Thomson.

Goldman Sachs also reported sharply higher fees from underwriting stock and debt offerings.

The bank’s stock rose more than 1 per cent in pre-opening trading.

More to come…

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