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Goldman Sachs (GS) - Get Free Report posted weaker-than-expected third quarter earnings Tuesday as investment banking revenues slump amid weakest period for capital markets issuance in at least seven years.

Goldman Sachs said earnings for the three months ended in September came in at $4.79 per share, down 23.7% from the same period last year and 5 cents shy of the Street consensus forecast. It's the first miss for Goldman Sachs in at least two years, according to Refinitiv data. Group revenues, Goldman said, fell 6% to $8.32 billion, again missing analysts' estimates of an $8.42 billion tally.

Fixed income division revenues rose 8% to $1.41 billion, Goldman said, but that growth figure failed to match the 25% surge reported earlier by Wall Street rival JPMorgan Chase (JPM) - Get Free Report . Investment banking revenues, meanwhile, fell 15% to $1.69 billion, although equity market revenues rose 5% to $1.88 billion thanks to higher fees and increased client activity.

"Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment," said CEO David Solomon. "We continue to execute on our strategic priorities, including investing in important growth opportunities in our existing and new businesses and in delivering for our clients in the most efficient and effective manner possible."

"We believe that this focus will best position the firm to generate long-term, industry-leading returns for our shareholders," he added.

Goldman Sachs shares were down 0.31% to $205.19.