Goldman Sachs' shares rise 2.5%, crushes analysts’ expectations.

Second-quarter profit fell 48% to $2.79B, or $7.73 a share, driven by industrywide declines in investment banking revenue.

Still, the results were more than a dollar higher than the average analyst estimate reported by Refinitiv.

Revenue fell 23% to $11.86B, which was a full $1B more than analysts had expected, driven by a 55% surge in fixed income revenue.

Topping the $2.89 billion StreetAccount estimate, The bank’s fixed income operations generated $3.61 billion in revenue.

Goldman attributed the performance to “significantly higher” trading activity in interest rates, commodities and currencies.

Equities revenue rose 11% to $2.86 billion, edging out the $2.68 billion StreetAccount estimate.

CEO David Solomon said, "We delivered solid results in the 2nd quarter as clients turned to us for our expertise and execution in these challenging markets.”