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7/14, 2:05 PM (Source: TeleTrader)
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Citigroup's EPS down to $0.5 in Q2, but tops estimates

Citigroup Inc. posted on Tuesday its financial results for the second quarter of the year, saying the bank's diluted earnings per share (EPS) landed at $0.50 to surpass the estimates, plunging 52% compared to the previous quarter and 74% on a yearly basis.

The company's revenue landed at $19.77 billion in the second quarter, dropping 5% versus the previous three months, but making a 5% increase year-over-year and topping the estimations. Concurrently, Citigroup's net income suffered significant losses both on a monthly and yearly level to land at $1.32 billion.

Overall, the report concluded that Citigroup's results were "impacted by lower levels of activity due to COVID-19," but that the company "continues to demonstrate financial strength and operational resiliency."

Breaking the News / ND