Earning continue to beat estimates. Via market watch:
Goldman Sachs Group Inc. reported higher profit and revenue from a year ago, catching the wave of lower taxes and newly active markets that boosted other big banks’ quarterly earnings.
Revenue at the Wall Street firm rose to $10.04 billion from $8.03 billion a year ago. Goldman’s profit was $2.83 billion, or $6.95 a share, up from the year-ago first quarter when the bank’s traders made bad bets on the dollar and interest rates.
Analysts, on average, were expecting earnings of $2.21 billion, or $5.58 a share, on revenue of $8.74 billion, according to Thomson Reuters.
Earnings will continue to surprise based on strong global growth, strong US growth, and the massive tax cuts to US corporations. Beginning in May, many companies will begin to buyback their stocks. Strong earnings next quarter in addition to stock buybacks will be very positive to stocks.