Shares in Goldman Sachs Group Inc (NYSE:GS, ETR:GOS) climbed 2.6% pre-market as the bank reported stronger earnings than expected and announced a $40 billion share buyback.
Earnings per share came in at $14.12 for the first quarter, versus the $12.26 consensus estimate, strongly higher than the $11.58 for the first quarter of 2024 and $11.95 for the fourth quarter of 2024.
Revenues of $15.06 billion were generated, beating the $14.76 billion Wall Street call.
Fixed income and currency sales and trading revenues of $4.40 billion were a tad shy of forecasts, while equities trading saw a record $4.19 billion, which was better than expected.
Net interest income of $2.9 billion was a beat, while investment banking at $1.9 billion was a miss.
CEO David Solomon said: “Our strong results this quarter have demonstrated that in times of great uncertainty, clients turn to Goldman Sachs for execution and insight.
"While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients."
The shares are up 1.3% pre-market.