Goldman Sachs stock climbed Monday after the bank comfortably cleared estimates for Q1 results. The report comes after JPMorgan and Wells Fargo announced results last week.
Goldman Sachs reported Q1 earnings of $14.12 per share, compared to $11.58 per share for the same period last year. Net revenue increased 6% to $15.06 billion from $14.21 billion.
FactSet analysts expected earnings of $12.33 per share on $14.77 billion in revenue.
Global banking and markets revenue increased 10% from last year to $10.71 billion for the quarter. Asset and wealth management revenue declined 3% to $3.68 billion, driven by lower net revenues from equity and debt investments. Platform solutions revenue also declined 3% to $676 million, with lower transaction banking revenues than last year.
Goldman for the quarter allocated $287 million in provisions for credit losses, compared to $318 million for Q1 2024 and $351 million in Q4, respectively.
The Wall Street investment giant also announced plans for a $40 billion share buyback.
CEO David Solomon said the bank enters the second quarter with a "markedly different operating environment than earlier this year," but Goldman remains "confident" in its ability to continue supporting its clients.
On Friday, JPMorgan Chase CEO Jamie Dimon and other bank chiefs signaled their concerns about the economic environment.
Goldman Sachs Stock Rises Early
GS stock advanced 2.1% Monday, to close just above its 10-day moving average. It's a long way from its 200-day and 50-day lines.
The Dow giant is down 11.9% this year, having tumbled from its record high of 672.19 on Feb. 18.
JPMorgan stock eased a fraction on Monday. Also a Dow component, JPM rose 4% on Friday following earnings, regaining the 200-day line.
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