A lot of people expected Goldman Sachs would have a blow out quarter, and the embattled investment bank did not disappoint. It reported earnings of $5.59 per share versus the average analyst estimate of $4.01.

That's a massive beat, and once again you do have to wonder why the analysts have been so consistently wrong this quarter. The first quarter results compare with $3.39 a year ago and $8.20 sequentially. Trading and investment banking drove the strong results, rising 43 percent from the year-ago quarter and 60 percent higher than the fourth quarter. FICC activity was strong, reflecting good performances in credit products, mortgages and currencies, despite some losses on commercial real estate and corporate debt.

One assumes that government debt activity was especially strong. A closely watched metric, the ratio of the set aside for compensation and benefits to revenue, was 43 percent, down from 50 percent a year ago. With these results, the firm is on track for a good year from a bonus perspective. 

For more:
- here's the report

Related Articles:
Goldman Sachs' Fabrice Tourre at center of scandal
The view from Goldman Sachs' building
Disclosure issue? Goldman Sachs executives knew about SEC complaint nine months ago
SEC sues Goldman Sachs for fraud related to ABACUS CDO
Goldman Sachs director implicated in Galleon investigation
Meg Whitman's Goldman Sachs link still questioned
JPMorgan's fixed income performance bodes well for Goldman Sachs
Goldman Sachs executives complain loudly to Harry Reid about Democrats