Goldman Sachs (GS, Financial) saw its stock price rise by as much as 4.3% before market opening, later narrowing its gains to 1.4%. This movement followed the announcement of first-quarter earnings that surpassed analysts' expectations, alongside a significant stock buyback plan.
The financial giant reported a net revenue of $15.06 billion for the first quarter, marking a 6% increase compared to the previous year. This figure exceeded the anticipated $14.76 billion. In terms of its Fixed Income, Currency, and Commodities (FICC) sales and trading revenue, Goldman Sachs recorded $4.4 billion, slightly below the expected $4.47 billion. However, its equities sales and trading revenue reached $4.19 billion, surpassing the forecasted $3.8 billion.
Additionally, Goldman Sachs announced an ambitious stock repurchase program, aiming to buy back up to $40 billion in shares, which could further enhance shareholder value.
