Goldman Sachs stock fell to its lowest level in nearly five months Tuesday after the premiere Wall Street firm reported first-quarter earnings that missed on the top and bottom lines.
Here are some highlights of the earnings:
- EPS of $5.15 a share vs. $5.31 a share expected by Thomson Reuters analysts' consensus.
- Revenue of $8.026 billion vs. $8.446 billion expected by Thomson Reuters analysts' consensus.
- Net revenues from bond, currency and commodities trading was little changed from the same period last year at $1.69 billion.
- Equities trading revenue fell 6 percent year over year.
Heading into Tuesday's report, Goldman had topped Wall Street's earnings estimates 90 percent of the time when reporting quarterly results over its history as a public company, according to Bespoke Investment Group. The last time Goldman reported a miss on earnings per share was the fourth quarter of 2015.
Shares skidded 4.5 percent in the first hour of trading, falling to $216.02 at one point before regaining some lost ground. It was the lowest intraday price since it traded at 214.97 on Nov. 30. In anticipation of the earnings announcement Tuesday, the share price had gained more than 1 percent.
"The operating environment was mixed, with client activity challenged in certain market-making businesses and a more attractive backdrop for underwriting in our investment banking franchise," Chairman and CEO Lloyd C. Blankfein said in a release.