Goldman Sachs Group beats profit and revenue targets

Goldman Sachs Group Inc. shares rose 2% on Thursday after the bank said its first-quarter profit fell to $3.83 billion, or $10.78 a share, from $6.71 billion, or $18.60 a share, in the year-ago quarter. Revenue at the megabank dropped to $12.93 billion from $17.7 billion. Goldman Sachs was expected to earn $8.90 a share on revenue of $11.86 billion, according to a FactSet survey. CEO David Solomon said the latest quarter was “turbulent” and dominated by the Ukraine war. “The rapidly evolving market environment had a significant effect on client activity as risk intermediation came to the fore and equity issuance came to a near standstill,” Solomon said. Prior to Thursday’s trades, Goldman Sachs shares were down 15.8% so far in 2022. The stock is a component of the Dow Jones Industrial Average , which has fallen 4.9% this year.

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