Goldman Sachs Group, Inc. (NYSE: GS) said Tuesday that its first quarter profit dropped to $2.7 billion, or $1.56 per share , from $3.3 billion, or $5.59 a share, in the year-earlier quarter. Excluding the preferred dividend of $1.64 billion related to the redemption of the firm's Series G Preferred Stock, earnings per share were $4.38 for the first quarter of 2011. Revenue declined to $11.89 billion from $12.78 billion. Analysts, on average, expected the company to report earnings of 82 cents per share on revenue of $10.18 billion.
"We are pleased with our first quarter results," said Lloyd C. Blankfein, Chairman and Chief Executive Officer. "Generally improving market and economic conditions, coupled with our strong client franchise, produced solid results. Looking ahead, we continue to see encouraging indications for economic activity globally."
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