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Goldman's income falls 11 percent, still beats

Goldman Sachs' earnings fall 11 percent as bond trading slumps, still beats estimates

Steve Rothwell, AP Business Writer

FILE - In this March 15, 2012 file photo, a trader works in the Goldman Sachs booth on the floor of the New York Stock Exchange. Goldman Sachs will report first quarter earnings later Thursday April 17, 2014 (AP Photo/Richard Drew, File)

NEW YORK (AP) -- Goldman Sachs' earnings fell in the first quarter as bond trading slumped, but the results still came in well ahead of what investors were expecting.

The bank earned $1.95 billion in the quarter, down 11 percent from $2.19 billion in the same period a year earlier. The earnings, equivalent to $4.02 a share, easily beat the $3.49 a share that analysts surveyed by FactSet predicted.

Revenue totaled $9.33 billion, down 8 percent from $10.09 billion a year earlier. The latest quarterly revenue beat analysts' expectations of $8.7 billion.

Goldman, like other big Wall Street banks including JPMorgan and Citigroup, have seen a slump in bond trading in the first quarter. Revenue at Goldman's investment banking unit rose, however, driven in part by higher client activity in its financial advisory business in Europe and more stock underwriting.

Goldman's stock rose $2.96, or 1.9 percent, to $160.18 in pre-market trading.