Categories AlphaGraphs, Earnings, Finance

Citigroup (C) Q2 earnings drop but beat estimates

Banking giant Citigroup Inc. [NYSE: C] reported a sharp fall in first-quarter earnings, despite a modest increase in revenues. The results topped the Street view and the company’s stock gained early Tuesday.

Citigroup Q2 2020 earnings infographic

Net income dropped to $1.3 billion or $0.50 per share from $4.8 billion or $1.95 per share in the second quarter of 2019 but exceeded the market’s prediction.

At $19.8 billion, revenues were up 5% year-over-year, mainly due to higher revenues in Fixed Income Markets and Investment Banking that was partially offset by lower revenues in Global Consumer Banking. Analysts were looking for a smaller top-line number.

Looking forward to listening to management/analysts’ comments on Q2 results? Stay tuned here for Citigroup Q2 2020 earnings call transcript  

Citi’s stock gained during the premarket session on Tuesday, after closing the previous session lower.

Also Read:  Costco (COST) Q4 earnings, revenue top expectations

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