Why Goldman's Beat Doesn't Tell The Whole Story

Goldman Sachs (GS) - Get Report may have eclipsed Wall Street's first quarter estimates, but that doesn't tell the entire story. The New York-based bank posted first quarter net income of $2.68 a share, beating estimates of $2.45. But during the same quarter last year, the bank reported $5.94 a share. Revenue of $6.34 billion, beat estimates of $6.73 billion, but was down from $10.62 billion last year. 'They've beaten expectations, but I think analysts out there were brow beaten into submission in respect of their expectations for what was to happen with the banks,' said Brenda Kelly, the head analyst at London Capital Group. TheStreet's Scott Gamm reports from Wall Street.