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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 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.
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.
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