By Ovunc Kutlu
ANKARA (AA) – Goldman Sachs saw its revenue and income decline in the first quarter of 2022, according to the firm’s financial results statement released on Thursday.
The US-based multinational investment bank and financial services company had net earnings of $3.94 billion in January-March 2022, down 42% from $6.84 billion in the same period last year.
Revenue stood at $12.94 billion in the first three months of 2022, a 27% decline from $17.7 billion from the same period of last year.
“It was a turbulent quarter dominated by the devastating invasion of Ukraine,” said Chairman and CEO David Solomon.
“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,” he added.
Despite weaker results, net earnings and revenue managed to beat market estimates, and Goldman Sachs’ stock price was up 0.7% to $321.97 per share at 08.05 a.m. EDT before the opening of the New York Stock Exchange.