Citigroup Earnings: Here’s Why Shareholders are Disappointed
Citigroup, Inc. (NYSE:C) missed Wall Street’s profit estimate, AND came up short on beating the revenue expectation. Today’s quarterly earnings release is a negative sign to shareholders aiming to top analyst projections. Shares are down 3.11%.
Citigroup, Inc. Earnings Cheat Sheet
Results: Net income increased 25.52% to $1.2 billion (38 cents per diluted share) in the quarter versus a net gain of $956 million in the year-earlier quarter.
Revenue: Decreased 19.1% to $18.7 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Citigroup, Inc. reported adjusted net income of 38 cents per share. By that measure, the company missed the mean analyst estimate of $0.96. It missed the average revenue estimate of $18.82 billion.
Quoting Management: “Our bottom line earnings reflect an environment that remains challenging- with businesses working through issues like spread compression and regulatory changes- as well as the costs of putting legacy issues behind us. However, we did make progress on several fronts…