Goldman Sachs Group Inc.’s stock lost ground Tuesday after the investment bank’s first-quarter revenue fell short of the consensus estimate, while net income beat the Wall Street forecast.
“We may not be the best long-term holder of this business,” CEO David Solomon said on the bank’s conference call with analysts. Citi analyst Keith Horowitz reiterated a buy on Goldman Sachs and said, “When [you] sift through the noise, results were better than consensus.” Goldman’s results came the same day that Bank of America Corp. BAC, -0.86% reported stronger-than-expected profit and revenue.
Fixed-income net revenue fell 17% to $3.93 billion, which reflected lower net revenue in fixed income, currency and commodities intermediation. The business also reported lower net revenues in currencies and commodities, partially offset by “significantly higher” interest-rate-product revenue and higher revenue in mortgages and credit products.
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