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Goldman Sachs First-Quarter Profit Tops Analysts’ Estimates

Goldman Sachs Group Inc., the fifth-biggest U.S. bank, posted a 21 percent drop in first-quarter profit, a smaller decline than analysts estimated, as fixed-income trading revenue more than doubled from a weak fourth quarter.

Net income fell to $2.74 billion from $3.46 billion a year earlier, the New York-based firm said today in a statement. Earnings per share, which includes the cost of preferred dividend payments to Warren Buffett’s Berkshire Hathaway Inc., dropped to $1.56 from $5.59. The average estimate of 16 analysts surveyed by Bloomberg was for 81 cents.