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Citigroup Inc. Message Board

  • adspatz adspatz Oct 15, 2013 10:50 AM Flag

    Citigroup revenue and profits rise

    Search for "SEC Live Filings Digest" to find out more.
    Citigroup, Inc. (C) announced its third quarter financial results for the fiscal year 2013, reporting increases in revenue and profits. Citigroup earned $3.23B, or $1.00 per share, up from $468M and $0.15 per share a year ago. Despite the positive numbers, analysts were overall disappointed in the results, expecting earnings per share of $1.04. Revenue for the quarter increased 30% from $13.7B to $17.88 but when excluding one-time charges revenue was down from $19.2B to $18.2B, missing analyst projections of $18.74B. Citigroup has been working to improve its profitability which it has worked to achieve in part thanks to cost-cutting initiatives. The company’s goal is to reduce expenses to $1.1B for a reduction of $900M. Michael Corbat, Citigroup CEO, since taking over a year ago is struggling through many of the same issues his predecessor did that led to his removal.

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