Citigroup Inc (NYSE:C) stock was down on Friday despite releasing an earnings beat for the the first quarter of 2018.
Citigroup Inc reported earnings per share of $1.68 for the first quarter of the year. This is an increase over its earnings per share of $1.35 that was reported in the first quarter of 2017. It also came in above Wall Street’s earnings per share estimate of $1.61 for the period.
Net income reported by Citigroup Inc in the first quarter of 2018 came in at $4.62 billion. This is better than the banking and financial services company’s net income of $4.09 billion that was reported in the same period of the year prior.
Citigroup Inc also reported income from continuing operations of $4.65 billion for the first quarter of the year. The company notes that its income from continuing operations for the same quarter of the previous year was $4.12 billion.
During the first quarter of 2018, Citigroup Inc reported revenue of $18.87 billion. This is an improvement over its revenue of $17.50 billion that was reported in for the same time last year. It also beat out analysts’ revenue estimate of $18.86 billion for the first quarter of the year.
It’s possible that Citigroup Inc’s efficiency ratio is what is partially dragging C stock down today. The efficiency ratio for the first quarter of 2018 was roughly 58%. The company also saw its fixed-income trading for the first quarter come in at $3.4 billion, which is below the $3.7 billion estimate.
C stock was down 2% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.