Goldman Sachs posts weak first quarter numbers amid mixed markets

Goldman Sachs posted weaker than expected results for the first quarter as its revenues from bond trading fell well short of analysts' forecasts.

The Wall Street giant's net income surged from $1.14bn one year ago to $2.26bn over the latest three month stretch.

Even so, earnings per share of $5.15 were shy of forecasts from analysts on Wall Street for $5.34.

Commenting on the results, boss Lloyd C. Blankfein said: "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."

Revenues also undershot by a wide margin, rising by only 27% to $8.03bn, versus the $8.33bn which had been anticipated.

Bond trading was an especially weak point, with revenues up by 1% to $1.69bn, versus the roughly $2.03bn forecast.

In parallel, expenses rose 15% to $5.49bn.

As of 1338 GMT shares in the lender were down by 2.77% to $220.0 in pre-market trading.