Investment banking giant Goldman Sachs (NYSE: GS) was one of the first companies to report its first-quarter 2021 results, and the company certainly set a high bar. Not only did the company handily surpass analysts' expectations, but the bank's first-quarter revenue and earnings were the highest they've ever been. On the top line, Goldman generated $17.7 billion in revenue, more than $5 billion better than analysts had been looking for. And there were a few good reasons for this. The IPO market has been exceptionally strong -- especially in the SPAC world, as we saw hundreds of blank check companies go public in the first quarter. As a result, Goldman's investment banking revenue soared by 73% year over year. Image source: Getty Images. Trading revenue, which is Goldman's largest revenue source, was a particularly strong point as well. Helped by high market volatility and rising fixed income interest rates, trading revenue climbed by 47% from the first quarter of last year, which itself was a volatile and strong quarter for trading. Consumer banking is still a relatively small part of Goldman's business, but it continues to grow rapidly as the Marcus savings and loan platform and Goldman's credit card business expand. In the first quarter, consumer banking revenue grew by 32% year over year, and it is certainly an area to watch going forward. Finally, Goldman shattered expectations on the bottom line with $18.60 per share of earnings, well ahead of the $10.22 that had been projected. For reference, Goldman earned $24.74 for the entire year of 2020. To be sure, investors shouldn't expect the first quarter's performance to repeat throughout the rest of the year. The IPO market (especially SPACs) has cooled off significantly, and market volatility on both the equities and fixed income sides is relatively low compared to the first quarter. Even so, this was an absolute blowout quarter for Goldman Sachs, and the bank stock's investors should be very pleased with the results. 10 stocks we like better than Goldman SachsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Goldman Sachs wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Matthew Frankel, CFP owns shares of Goldman Sachs. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source