5 Earnings Reports Grabbing Everyone’s Attention

3. The Goldman Sachs Group, Inc. (NYSE:GS)

Number of Hedge Fund Holders: 75

Shares of The Goldman Sachs Group, Inc. (NYSE:GS) turned red on Thursday, April 14, 2022, after the global investment bank reported a substantial drop in profit and revenue for the first quarter.

The Goldman Sachs Group, Inc. (NYSE:GS) reported earnings of $10.76 per share, well below $18.60 per share in the first quarter of 2021. Revenue also plummeted 27 percent on a year-over-year basis to $12.93 billion. Nevertheless, the results were better than the consensus of $8.89 per share for earnings and $11.83 billion for revenue.

If we look at Goldman Sachs’ segment-wise sales performance, investment banking revenue fell 36 percent to $2.41 billion, while asset management revenue plunged 88 percent to $546 million in the quarter.

On the bright side, The Goldman Sachs Group, Inc. (NYSE:GS) reported that revenue from its consumer & wealth management segment jumped 21 percent to $2.10 billion. In addition, global markets revenue also rose 4 percent to $7.87 billion in the quarter.

Commenting on the results, CEO David Solomon said in a statement:

“It was a turbulent quarter dominated by the devastating invasion of Ukraine. 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.”