: Citigroup profit falls but beats Wall Street target; shares fall #FinanceUSA #StockMarketNEWS Citigroup Inc. said Friday its fourth-quarter net income fell to .17 billion, or .46 a share, from
@stockMarketNEWS Tue 18 Jan, 2022
Citigroup profit falls but beats Wall Street target; shares fall #FinanceUSA #StockMarketNEWS
Citigroup Inc. said Friday its fourth-quarter net income fell to .17 billion, or .46 a share, from .3 billion, or .92 a share, in the year-ago period. Revenue increased to billion from .8 billion. The New York-based bank beat the Wall Street targets of .39 in earnings on revenue of .85 billion, according to a survey by FactSet. Citi said it faced higher expenses, partially offset by higher revenue and lower cost of credit. The latest quarter also included a pre-tax impact of approximately .2 billion related to its previously announced divestiture of its consumer banking businesses in Asia. Shares of Citi fell 3.6% in premarket trades. So far in 2022, shares of Citigroup are up 12.2%, outperforming the loss of 2.3% by the S&P 500 as of Thursday's close.
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