Citigroup Inc (NYSE:C) released its earnings report for the three months ended September 30 this morning before the market opened on Wall Street. The firm showed earnings of $1.02 per share for the quarter on revenue of $18.62 billion. Shares in the company were trading down more than 1% in pre-market after the announcement of the result.
Analysts following the bank were looking for earnings of $1.08 per share for the third quarter of the year. Revenue is expected to come in at $18.9 billion for the same period. In the same three months of 2012 Citigroup Inc (NYSE:C) earned $1.06 per share on revenue totaling $19.4 billion.
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GAAP earnings for the period cam in at just $1 per share, a disappointing number for Citigroup Inc (NYSE:C) investors. Part of the fall in the company’s business in the period was down to Federal Reserve policy, including the taper talk that dominated most of the third quarter. That caused the company’s home loans unit to lose business. The unit was forced to lay off more than 1,000 employees in September.
Citigroup Inc (NYSE:C) income including special items came in at $1.02. The company wrote down a loss related to the sale of brokerage firm Morgan Stanley Smith Barney, and changes in the value of debts owed by the company.
Before the announcement of today’s earnings Citigroup Inc (NYSE:C) stock was one of the best performing among the big banks on Wall Street. The company’s shares were up by 25.38% for the year so far through yesterday’s close. The firm has outperformed the S&P 500 (INDEXSP:.INX) through the year.
The boom times for U.S. financials may be over, but there is no real telling how the market will head in the coming months. Federal Reserve policy along with regulations, including the introduction of Basel III, will all have meaningful impact on Citigroup Inc (NYSE:C) results going forward.