Shares of Goldman Sachs Group Inc. GS, +2.47% gained 0.5% in premarket trade Monday, after the blue-chip bank reported first-quarter earnings that were well above expectations but revenue that missed, as the institutional clients services and investing and lending businesses fell short of expectations. Net income fell to $2.18 billion, or $5.71 a share, from $2.74 billion, or $6.95 a share, in the same period a year ago. The FactSet EPS consensus was $4.89. Total revenue declined to $8.81 billion from $10.08 billion, below the FactSet consensus of $8.93 billion. Institutional clients services revenue fell to $3.61 billion from $4.39 billion, below the FactSet consensus of $3.69 billion, as fixed income, currency and commodities revenue of $1.84 billion topped the FactSet consensus of $1.81 billion but equities revenue of $1.77 billion was below expectations of $1.81 billion. Investing and lending revenue fell 14% to $1.84 billion, below expectations of $1.87 billion, while investment banking revenue was essentially flat at $1.81 billion to beat expectations of $1.65 billion. The stock has rallied 24.4% year to date through Friday, while the SPDR Financial Select Sector ETF XLF, +1.84% has climbed 13.9% and the Dow Jones Industrial Average DJIA, +1.03% has advanced 13.2%.
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