Citigroup Inc (NYSE:C) stock was down today despite a positive earnings report for the third quarter of the year.
The drop in C stock is likely connected to its fixed income markets revenue for the third quarter of 2017. Citigroup Inc reported fixed income markets revenue of $2.88 billion. This is down 16% from its fixed income markets revenue of $3.41 billion reported during the same time last year.
The poor results for fixed income markets revenue hurts Citigroup Inc’s otherwise strong earnings report for the third quarter of the year. The financial services company reported earnings per share of $1.42 for the quarter on revenue of $18.17 billion.
Citigroup Inc’s strong earnings for the third quarter of 2017 have it beating out Wall Street’s estimates. Analysts were expecting the company to report earnings per share of $1.32 on revenue of $17.90 billion for the quarter.
Citigroup Inc’s earnings for the third quarter of the year were also up when compared to the same period last year. During this time, C reported earnings per share of $1.24 on revenue of $17.76 billion.
Despite its revenue increasing 2% year-over-year, the company notes there were some black marks in its earnings report. This includes corporate/other revenue of $509 million. This represents a 55% drop when compared to the same period of the year prior.
C stock was up when the stock markets opened on Thursday, but quickly began to drop after just a short time. The stock is now down 2% as of noon Thursday, but is up 24% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
