Citigroup (NYSE:C) earnings for the banking and financial services company’s second quarter of 2020 have C stock falling on Tuesday. That’s despite its diluted earnings per share of 50 cents beating out Wall Street’s estimate of 28 cents. Its revenue of $19.77 billion also comes in above analysts’ estimates of $19.11 billion.
Let’s take a closer look at the most recent Citigroup earnings report below.
- Diluted per-share earnings are down 74.4% from $1.95 in Q2 2019.
- Revenue for the quarter comes in 5% higher than the $18.76 billion reported during the same time last year.
- The Citigroup earnings also have net income coming in at $1.32 billion.
- That’s a 73% drop from the company’s net income of $4.8 billion in the same period of the year prior.
Michael Corbat, CEO of Citigroup, said this about the earnings.
“While credit costs weighed down our net income, our overall business performance was strong during the quarter, and we have been able to navigate the COVID-19 pandemic reasonably well. The Institutional Clients Group had an exceptional quarter, marked by an increase in Fixed Income of 68%. Global Consumer Banking revenues were down as spending slowed significantly due to the pandemic.”
Citigroup doesn’t go over guidance in its current earnings report. However, Wall Street is expecting diluted EPS of 91 cents on revenue of $17.51 billion for Q3 2020. Analysts’ estimates for the full year have diluted EPS and revenue coming in at $3.02 and $73.98 billion.
C stock was down 3.4% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
