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Author: Alan LittleDate: 2020-10-14

Citigroup (C), BlackRock (BLK) and JPMorgan (JPM) post Q3 beats

Citigroup (C) kicked off the latest earnings season on Tuesday with a Q3 earnings and revenue beat, but its shares still fell 3.73% during early trading on the New York Stock Exchange.

The investment bank and financial services corporation reported before the first bell with $1.40 earnings per share and $17.3bn revenue, which represented a 32.3% and 6.8% decline respectively from a year ago.

However, it was still enough to trump Wall Street expectations of $0.93 EPS and $17.2bn revenue.

Citigroup Stock
Citigroup Stock 14th Oct 2020

Citigroup CEO Michael Corbat said that the company was able to successfully navigate the impact of the pandemic as net credit losses eased from $2.21bn in Q2 to $1.92bn in Q3.

He added: “Our Institutional Clients Group again had very strong performance, especially in Markets, Investment Banking and the Private Bank.”

Citigroup shares rose 2.4% in premarket trading, but there was a quick reversal after Tuesday’s opening.

C shares were down 3.73% at 11:20am ET for a share price of $44.18.


BlackRock (BLK) fared better after posting a robust Q3 report.

The investment management corporation came with $9.22 adjusted EPS for the latest period, which was well ahead of the $7.77 consensus.

Revenues of $4.37bn also soared 18% year on year to beat the pre-report forecasts of $3.9bn.

BlackRock said that total assets under management hit a record in Q3, rising by 12% to more than $7.8tn.

BLK stock got a boost in trading as it rose 4.25% to $641.39.

BlackRock Stock 14th Oct 2020

JPMorgan (JPM) stock went into reverse though (-1.29%), despite posting $2.92 earnings per share and $29.9bn revenue versus the $2.22 and $28.3bn expectations.

JPMorgan Stock 14th Oct 2020

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