NEW YORK (AP) — Goldman Sachs Group Inc.'s earnings easily beat analysts' forecasts again, but the bank saw a big slowdown in trading, its most profitable business.

Net income after paying preferred dividends fell 43 percent from the year-ago period as revenue in the bank's bond, currency and commodities trading division fell to its lowest level since the depths of the financial crisis in late 2008.

"It definitely was not as bad as many were predicting, but that said, it was not that good," said Michael Wong, an equity analyst at Morningstar Research. "It's like investment banks are having a double-dip in their earnings."

Goldman's results are closely watched because they considered the strongest bank on Wall Street and regularly exceed forecasts. The decline in Goldman's earnings could signal a change in the mix of how investment banks make money now that financial markets have steadied themselves following the credit crisis and recession.

Wong said trading revenue during the third quarter is likely to be closer to the levels seen going forward than its post-crisis peak earlier this year. Trading revenue is down 40 percent from the first quarter of the year.

Investment banks might have to rely more on their traditional businesses of underwriting stock and bond offerings to make up for a slowdown in trading. Goldman's revenue from debt underwriting surged 59 percent during the third quarter.

Overall, revenue fell 28 percent to $8.9 billion, but still came in well ahead of the $7.92 billion analysts polled by Thomson Reuters had forecast.

Income fell to $1.74 billion, or $2.98 per share, the bank said yesterday. It earned $3.03 billion, or $5.25 per share, during the same three-month period last year. Analysts predicted earnings of $2.32 per share.