Shares of Goldman Sachs Group Inc. GS, +2.47% erased earlier premarket gains to fall 1.9%, to pullback from the previous session’s 5-month high, after the bank reported its first revenue miss in two years, as three of its four business segments came up short, although earnings beat for an 8th-straight quarter. Investment banking revenue was essentially flat with a year ago at $1.81 billion, above the FactSet consensus of $1.65 billion, to extend that segment’s streak of beats to nine quarters. Meanwhile, institutional client services revenue fell 18% to $3.61 billion, below the FactSet consensus of $3.69 billion, to record a 4th-straight miss and 8th miss in nine quarters. Investing & lending revenue declined 14% to $1.84 billion, shy of expectations of $1.87 billion, to snap a 11-quarter streak of beats, and investment management revenue fell 12% to $1.56 billion to snap a 5-quarter streak of beats. The last time total revenue missed was the first quarter of 2017. The stock has declined 18.8% over the past 12 months through Friday while the Dow Jones Industrial Average DJIA, +1.03% has gained 8.4%.
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