How did GS outperform forecasts in Q4 2024?

Goldman Sachs outperformed forecasts in Q4 2024 with a revenue surprise of $1.48 billion and a total revenue of $13.87 billion, compared to the projected revenue. This positive performance can be attributed to several strategic moves and market conditions:

1. **Business Divestiture in Russia**: Goldman Sachs sold its business in Russia, which could have streamlined operations and reduced risks associated with the region, allowing the company to focus on more stable and profitable markets.
2. **Strong Performance in Key Business Areas**: Specific areas such as AI infrastructure, data centers, and networking equipment likely contributed significantly to the revenue. For instance, Goldman Sachs maintained a 'Buy' rating for Foxconn Industrial Internet, anticipating growth fueled by next-generation AI servers and a rebound in networking equipment. The company's strategic shift away from consumer electronics towards data centers is also expected to drive growth.
3. **Partnerships and Market Expansion**: The bank's initiatives, such as the expansion of the Goldman Sachs 10,000 Women program with African banks to empower women entrepreneurs, may have enhanced its reputation and attracted more clients, contributing to its financial performance.

In summary, Goldman Sachs's strategic decisions, focus on high-growth areas, and strategic partnerships have likely contributed to its strong financial performance in Q4 2024, surpassing market forecasts.