Investing.com - Banking conglomerate Citigroup reported worse-than-expected fourth quarter earnings and revenue on Thursday, sending its shares lower in pre-market trade.
Earlier in the day, in its third quarter earnings report, Citigroup said adjusted earnings per share came in at USD0.82, below expectations for USD0.95 per share. The bank’s fourth quarter revenue totaled USD17.94, missing forecasts for revenue of USD18.31 billion.
Net income in the fourth quarter was USD2.7 billion, compared to USD1.2 billion in the same period a year earlier.
Michael Corbat, Citigroups Chief Executive Officer, said, “Although we didn’t finish the year as strongly as we would have liked, we made substantial progress toward our key priorities in 2013.”
Immediately after the earnings announcement, Citigroup shares dropped 3.1% in trading prior to the opening bell.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow Jones Industrial Average futures pointed to a loss of 0.25% at the open, S&P 500 futures dipped 0.3%, while the Nasdaq 100 futures indicated a downtick of 0.25% at the open.