Goldman Sachs (GS) Just Reported Lukewarm Quarterly Results

The company's recent sales efforts included increase of loan portfolio that sold its Marcus consumer banking business and transferred the remaining products for sale, which resulted in an undisclosed loss of about $470 million. Prior to Tuesday’s premarket move, Goldman Sachs stock was down 1% in 2023 YTD, compared to an 8.1% rise by the S&P 500 SPX, +0.33%.

Most importantly, Goldman Sachs eventually reported that its net income of US $3.83 billion or $10.76 per share in the previous year fell to $3.09 billion or $8.79 per share as of the latest quarter.

Also in Q1 2023, the bank’s revenue fell from USD 12.93 billion to just USD 12.22 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.”

The quarterly financial results of Goldman Sachs came in on the same day as the Bank of America’s (BAC, +2.88 %) where profits and sales appeared to have exceeded expectations, even though BAC’s Q1 revenue dipped to $12.22 billion from $12.93 billion.