Goldman Sachs Group stock loses ground as revenue falls short

Goldman Sachs Group Inc.
GS,
+0.82%
stock is down 2.5% in premarket trades after its first-quarter revenue fell short of estimates, while its net income beat the Wall Street forecast. Goldman Sachs said its first-quarter earnings fell to $3.09 billion, or $8.69 a share, from $3.83 billion, or $10.76 a share, in the year-ago quarter. First-quarter revenue dipped to $12.22 billion from $12.93 billion. Analysts expected Goldman Sachs to earn $8.14 a share on revenue of $12.76 billion, according to estimates compiled by FactSet. CEO David Solomon said, “The events of the first quarter acted as another real-life stress test, demonstrating the resilience of Goldman Sachs and the nation’s largest financial institutions. Our deeply rooted risk management culture, strong liquidity and robust capital position enabled us to continue to support our clients and deliver solid performance.” Prior to Tuesday’s move, Goldman Sachs stock was down 1% in 2023, compared to an 8.1% rise by the S&P 500
SPX,
+0.33%.