Goldman posted earnings per share of $5.15, below the $5.31 per share analysts had forecast.
The firm's trading revenue dipped two percent to $3.4 billion in the first quarter. A result Goldman put down to weak commodity prices, weakness in currencies and credit revenue, and lower commissions and fees from equities trading.
The result was unusual because Goldman's Wall Street peers such as JP Morgan (NYSE: JPM) and Bank of America (NYSE: BAC) were faced with similar conditions but all managed to grow their trading revenues.
Goldman's Deputy Chief Financial Officer R. Martin Chavez told investors on a conference call that markets' strong performances had decreased volatility and resulted in less trading.
At 10.40am in New York Goldman's stock was down more than 4.2 percent to $216.67.
Despite the dip in trading Goldman's first quarter profit surged 80 percent to $2.2 billion from $1.2 billion in the first quarter of 2016.
Revenue was up 27 percent to $8 billion from $6.3 billion.