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 NEW YORK (AP) - Investment bank Lehman Brothers Holdings Inc. said Tuesday its fiscal first-quarter earnings fell 57 percent due to a steep decline in its capital markets business, but its shares soared as it easily beat Wall Street forecasts.
Net income for the quarter ending Feb. 29 fell to $489 million, or 81 cents per share, compared with earnings of $1.15 billion, or $1.96 per share, during the same quarter last year. Lehman's revenue fell 31 percent to $3.5 billion during the first quarter.
Analysts polled by Thomson Financial, on average, forecast earnings of 72 cents per share for the quarter on revenue of $3.35 billion.
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