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Goldman Q1 Earnings Beat Estimates, Revenues Rise Y/Y

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The Goldman Sachs Group, Inc.’s (NYSE: GS) first-quarter 2024 earnings per share of $11.58 surpassed the Zacks Consensus Estimate of $8.54. Also, the bottom line increased 16.3% from the year-earlier quarter.
Shares of the company gained 4.02% in the pre-market trading on an earnings beat. Investors seem to be bullish on the stock because of higher revenues reported in the quarter.
Goldman’s results have benefited from the strength in the consumer banking and investment banking business, along with improved fee income. However, increased expenses and provisions were the undermining factors.
Net earnings of $4.13 billion rose 27.8% from the prior-year quarter. Our estimate for the metric was pegged at $2.96 billion.

Quarterly Revenues Increase

Net revenues for the quarter of $14.21 billion increased 16.3% from the year-ago quarter. Also, the top line surpassed the Zacks Consensus Estimate of $12.89 billion.
Total operating expenses increased 3% year over year to $8.66 billion. Our estimate for the metric was pinned at $9.12 billion. The year-over-year rise in expenses was mainly due to increased compensation and benefit costs, along with higher transaction-related costs, as well as incremental expenses for the FDIC special assessment fee. This was partially offset by lower impairments related to consolidated real estate investments.
Provision for credit losses was $318 million against a …

Full story available on Benzinga.com

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