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Goldman First-Quarter Profit Plunges 60% as Revenue Drops

  • Beats estimates as cost cuts exceed Wall Street expectations
  • Blankfein's worst first quarter for revenue since taking over
Bloomberg business news

Goldman Sachs Sees 60% First-Quarter Profit Plunge

Updated on

Goldman Sachs Group Inc., the worst performer in the Dow Jones Industrial Average this year, posted a 60 percent drop in profit as the firm reported its lowest revenue for a first quarter since Chief Executive Officer Lloyd Blankfein took the top post in 2006.

Net income declined to $1.14 billion, or $2.68 a share, from $2.84 billion, or $5.94, a year earlier, the New York-based company said Tuesday in a statement. That beat the $2.48 per-share estimate of 23 analysts surveyed by Bloomberg, as the firm cut costs deeper than expected. Goldman Sachs’s revenue fell 40 percent to $6.34 billion, missing the average estimate of $6.69 billion.