Citigroup's profit sinks 27 percent, but beats expectations
NEW YORK (AP) — Citigroup's profit fell nearly 27 percent in the first quarter, hurt by weak results at its consumer bank and trading business. But the company's earnings still beat Wall Street expectations and its shares rose before the stock market opened Friday.
The New York-based financial conglomerate reported net income of $3.5 billion, or $1.10 per share, in the three months ending in March, compared with $4.77 billion, or $1.51 per share, the year before.
The results beat the $1.03 per share analysts had expected, according to FactSet.
Revenue in the quarter fell 11 percent to $17.56 billion, beating the $17.44 billion that analysts expected.
Citigroup Inc. shares rose more than 2 percent in premarket trading Friday.