Goldman Returns To Profit In First Quarter

Goldman Sachs released its first-quarter earnings moments ago and they beat expectations, as the former king of the investment banks returns to profitability. The news will no doubt send the markets surging at tomorrow's opening.

For the first quarter of 2009, Goldman reported $9.4 billion in revenue, compared to a loss of $1.6 billion in the last quarter.

Goldman reported diluted earnings of $1.7 billion ($3.39 per share) in the first quarter, compared to a loss of $2.3 billion ($4.97) last quarter.

Revenue and earnings for the first quarter of this year are slightly higher than for the first quarter of 2008.

Goldman reported that it has 7 percent fewer employees than it had at the end of the last fiscal year.

The after-market release today was a surprise; the company was expected to release tomorrow.

Goldman also said that it plans to raise $5 billion in a public offering to help it repay some $10 billion in government bailout money the bank has received.

-- Frank Ahrens
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