Goldman Sachs Group Inc. (NYSE: GS) reported third-quarter earnings that exceeded analyst expectations, but shares slipped 2% intra-day on Tuesday as investors weighed the results against recent market performance.

The investment bank posted earnings per share of $12.25, ahead of consensus estimates of $11.02. Revenue totaled $15.18 billion, up 20% from a year earlier and above forecasts of $14.13 billion.

The Global Banking & Markets division generated $10.12 billion in revenue, up 18% year-over-year, as investment banking fees rose 42% to $2.66 billion, driven by a rebound in mergers and acquisitions and stronger leveraged finance issuance.

Asset & Wealth Management contributed $4.40 billion in revenue, up 17% from the prior year, while Platform Solutions grew 71% to $670 million.

Goldman reported a 14.2% annualized return on average common equity for the quarter. Analysts said the results reflected broad-based strength across business lines, but the share decline suggested investors were cautious about sustainability amid shifting macroeconomic conditions.