Citigroup Shares Slide After Revenue Miss Despite Adjusted Earnings Beat

Core Viewpoint - Citigroup reported mixed fourth-quarter results, exceeding earnings expectations on an adjusted basis but falling short of revenue forecasts, leading to a 3% decline in shares intraday Financial Performance - The bank's net income for the quarter ended in December was $2.5 billion, or $1.19 per diluted share, on revenue of $19.9 billion, compared to net income of $2.9 billion, or $1.34 per share, on revenue of $19.5 billion in the prior-year period [1] - A pre-tax loss of $1.2 billion, or $1.1 billion after tax, was reported due to the sale of Citigroup's Russian unit, AO Citibank, primarily driven by currency translation effects [2] - Excluding the Russia-related charge, earnings per share were $1.81, surpassing the consensus estimate of $1.70, while revenue fell short of analyst expectations of $20.55 billion [2] Year-over-Year Comparison - Net income declined year over year, attributed to higher expenses, including income tax costs related to the limited tax benefit of the Russia-related charge, partially offset by higher underlying revenue and a lower provision for credit losses [3] - On an adjusted basis, excluding the Russia item, net income was reported at $3.6 billion [3] Strategic Outlook - Chief Executive Jane Fraser indicated that 2025 would be a year of significant progress for the company, marked by record revenues and positive operating leverage across all five business segments [4]