Investing.com – Citigroup (NYSE:C), the fourth-largest U.S. bank, reported stronger-than-expected second quarter earnings but revenue missed consensus ahead of Thursday’s opening bell, sending its shares higher in pre-market trade.
Citigroup said adjusted earnings per share came in at $1.24 in the three months ended June 30, down from $1.51 a share a year earlier and above expectations for adjusted earnings of $1.10 a share.
The bank’s revenue totaled $17.55 billion in the April-to-June quarter, a decrease from the $19.06 billion reported in the same period in 2015 and below estimates for revenue of $18.07 billion.
Traders will now turn their attention to the bank’s conference call due to start at 11:30AM ET.
Following the release of the report, shares in Citigroup rose $1.00, or 2.25%, in pre-market trade to trade at $45.45. The bank closed Wednesday's session with gains of 2.6% on the back of JP Morgan’s own earnings beat.
Meanwhile, U.S. equity markets remained flat after the release. The blue-chip Dow futures inched up 8 points, or 0.04%, by 12:09GMT, or 8:09AM ET, the S&P 500 futures edged forward 1 point, or 0.03%, while the tech-heavy Nasdaq 100 futures slipped less than a point, or 0.01%.