Goldman Sachs reported an 11 percent drop in first-quarter profit on Thursday as client activity remained constrained and fixed-income revenue shrank.
The Wall Street bank said its net income fell to $1.95 billion, or $4.02 per share, in the first three months of the year from $2.19 billion, or $4.29 per share, in the same period of 2013.
But the earnings beat the average analyst estimate of $3.45 per share, according to Thomson Reuters I/B/E/S, and the bank's shares rose 1.7 percent in premarket trading. (Click here for the latest quote.)
Goldman's rivals also reported a drop in revenue from fixed-income trading in the quarter, but Goldman has more at stake than others because it has a less diverse business mix.