Goldman Sachs revenue falls over 5% in 1st quarter

Total net revenue declines to $12.2B in January-March period, from $12.9B same period of last year

By Ovunc Kutlu

ISTANBUL (AA) - Goldman Sachs saw its revenue decrease more than 5% in the first quarter of this year, according to its financial results statement released Tuesday.

The US-based investment bank posted a total net revenue of $12.2 billion in January-March period, which was down 5.4% from $12.9 billion the same period of last year.

The bank had net earnings applicable to common shareholders of almost $3.1 billion – down 18% from $3.8 billion year-on-year.

Chairman and CEO David Solomon said in the statement that "the events of the first quarter acted as another real-life stress test" amid the US banking crisis.

Goldman Sachs' stock price was down 2.3% to $331.69 per share at 10.37 a.m. EDT, after closing the previous day at $339.68.

Kaynak:

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