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Its private equity and real estate arms reported negative revenues, while its hedge fund of funds and GSO credit-trading unit showed steep declines in revenue.
Goldman posted negative revenues of $1.6 billion, compared with sales of $10.7 billion, in the fourth quarter of 2007.
Shortest path has negative revenues, because it is the delay sensitive transmission scheme and then the penalty from choosing the direct transmission is large.
Write-downs total $7.8 billion, and the firm had negative revenues as a result of a slowdown in business during the volatile summer months.
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It added that it expects global advertising agencies to see negative revenue growth in 2009, excluding acquisitions.
That part of the bank recorded a pretax loss of $4 billion this quarter and negative revenue of $690 million.
Revenue in investing and lending rose to $1.8 billion, up from negative revenue of $2.48 billion in the year-ago period.
The unit swung to $19.9 million in negative revenue for the quarter, from roughly $16.7 million in revenue in the period a year earlier.
Two of Blackstone's other core businesses, its real estate and hedge fund operations, also reported negative revenue as they wrote down the value of their holdings.
Blackstone also posted $124.1 million in negative revenue, as management fees were more than offset by the reversal of performance fees triggered by declining asset values.
Nomura analysts said in a research note that a downward revision to gross domestic product, negative revenue and loan growth and an unpredictable regulatory backdrop have discouraged investors.
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