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Thursday 14th of April 2022 05:22:27 AM

Goldman Sachs Q1 earnings show Global Markets, Consumer, Wealth units' strength

Fortune Most Powerful Women Summit - Day 2 Paul Morigi/Getty Images Entertainment Goldman Sachs (NYSE:GS) stock is gaining 1.3% in Thursday premarket trading after the bank's Q1 earnings topped Wall Street expectations as a surge in its Global Markets business helped make up for lower underwriting revenue caused by a volatile market. Consumer & Wealth Management businesses also improved, while Asset Management revenue declined in the quarter. "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," Chairman and CEO David Solomon said. Q1 GAAP EPS of $10.76 vs. the average analyst estimate of $8.98 and fell from $10.81 in Q4 2021 and $18.60 in Q1 2021. Total net revenue of $12.9B vs. $12.6B in the previous quarter and $17.7B in the year-ago quarter. Total operating expenses of $7.72B rose from $7.27B in the previous quarter and fell from $9.44B in the year-ago quarter. Goldman Sachs' (GS) Investment Banking revenue of $2.41B, down 36% from both Q4 and Q1 2021 on significantly lower revenue from underwriting. Global Markets net revenue of $7.87B rose 98% Q/Q and 4% Y/Y, with FICC revenue of $4.72B rising 21% Y/Y and Equities revenue of $3.15B falling 15% Y/Y. Asset Management revenue of $546M fell 81% Q/Q and 88% Y/Y, primarily from net losses in equity investments and significantly lower revenue in lending and debt investments. Consumer & Wealth Management revenue of $2.10B rose 7% Q/Q and 21% Y/Y, with Wealth Management revenue of $1.62B rising 19% Y/Y; Consumer Banking revenue of $483M jumped 30% from a year ago mostly reflecting higher credit card balances. Q1 net interest income of $1.83B vs. $1.80B in Q4 and $1.48B in Q1 2021. Conference call at 9:30 AM ET. Earlier, Goldman Sachs (GS) non-GAAP EPS of $10.76 beats by $1.78, revenue of $12.93B beats by $1.17B
GS

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