Goldman Sachs reported first-quarter net profit of 1.81 billion dollars with earnings per share of 3.39 dollars, sharply higher than 1.33 dollars per share forecast by most analysts.The profit came on the back of revenues of 9.43 billion dollars in the first quarter, which ended on March 27.
Goldman, which reported its earnings just after the stock market close, kicked off the highly anticipated financial sector's earnings season early. It had previously scheduled its results before the stock market open Tuesday.
Investors have been on tenterhooks awaiting the latest results from financial firms reeling from the global financial and economic crisis.US stocks staged a powerful rally Thursday, capping a fifth weekly gain, after leading bank Wells Fargo forecast a "record" three-billion-dollar profit in the first quarter, sparking hopes of a recovery in the sector.
The markets were closed Friday for the Easter holiday and speculation swirled that Wells Fargo's rosy outlook did not necessarily augur "green shoots" of a turnaround.Goldman Sachs' earnings signaled the much-hoped for rebound may be at hand, analysts said."Goldman Sachs hits the cover off the ball," analysts at 24/7 WallStreet.com said.
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