Goldman Sachs' net rises 5 percent on underwriting

NEW YORK (AP) ? Goldman Sachs reported first-quarter results that beat analysts' forecasts thanks to a pickup in stock and bond underwriting.

The bank earned $2.2 billion in the first quarter, up 5 percent from a year ago.

The earnings were equivalent to $4.29 per share. Analysts polled by FactSet had expected $3.90 per share.

Revenue was $10.1 billion, up 1 percent from a year ago. That also beat analysts' forecast of $9.7 billion.

The investment bank underwrote more stock and bond offerings, though the unit that trades on behalf of clients was down over the year. Goldman said it would continue to focus on cutting costs.

Goldman Sachs' stock was up 0.4 percent in pre-market trading Tuesday, rising 54 cents to $147.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-04-16-Earns-Goldman%20Sachs/id-09f2d439c8494994bcb5e4a46ff71ebc

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