Investing.com - Banking conglomerate Citigroup (NYSE:C) reported worse than expected fourth quarter earnings and revenue on Thursday, sending its shares lower in pre-market trade.
Citigroup said adjusted earnings per share came in at $0.06 cents in the three months ending December, below expectations for earnings of $0.09 cents per share and down from $0.77 cents in the year-ago period.
Net income in the fourth quarter was $350 million, compared to net income of $2.5 billion in the same period a year earlier.
Legal and related expenses and repositioning charges totaled $3.5 billion in the current quarter, compared to $1.0 billion in the prior year period.
The bank’s fourth quarter revenue totaled $17.81 billion, below forecasts for revenue of $18.61 billion and compared to revenues of $17.8 billion for the third quarter 2013.
Michael Corbat, Citigroup's Chief Executive Officer, said, “While the overall results for 2014 fell short of our expectations, we did make significant progress on our top priorities."
Immediately after the earnings announcement, Citigroup Inc (NYSE:C) shares fell 1.9% in trading prior to the opening bell.
Meanwhile, U.S. stock futures pointed to a modestly lower open. The Dow futures pointed to a loss of 0.15% at the open, the S&P 500 indicated a decline of 0.25%, while the Nasdaq 100 signaled a fall 0.35% at the open.
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Citigroup shares slump 1.9% on weak Q4 earnings
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