Goldman Sachs reported first-quarter earnings that topped lowered Wall Street expectations. But revenue missed estimates and plummeted about 40 percent from the year ago period. "We have seen most of the other money center banks beat on the revenue side. But Goldman was right in the 'eye of the storm' that hit here in the first quarter," Vining Sparks bank analyst Marty Mosby told CNBC's " Squawk Box ," referring to the worst start of a year on Wall Street ever. "What he had was a freeze of activity. When we had the market disruptions that January and February represented, you just didn't have equity trades, you didn't have any underwriting, [and] you had not deals coming to the street," he added. Shares of Goldman Sachs fell in premarket trading immediately following the report. (Get the latest quote here.)