Citigroup Beats Estimates on Q1 Earnings and Ericsson’s Vice President is resigning
Citigroup Inc. (NYSE: C) surpassed expectations after announcing $3.9 billion in first-quarter earnings, or $1.23 a share, on revenues of $20.1 billion. On an adjusted basis, the global bank's earnings were $4.1 billion, or $1.30 a share. Analysts polled separately by Thomson Financial Research and FactSet had only expected earnings per share of $1.14.
Citigroup Inc., a diversified financial services holding company, provides various financial products and services to consumers, corporations, governments, and institutions. The companys Global Consumer Banking segment provides traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services. It offers various banking, credit card lending, and investment services through a network of local branches, offices, and electronic delivery systems.
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Ericsson (NASDAQ: ERIC) announced that the company’s head of strategy is resigning after five years at the manufacturer. Douglas Gilstrap, vice president and global head of strategy, will leave on Aug. 1, the Stockholm-based company said in a statement. Hans Vestberg, CEO and President of Ericsson, said: "Douglas has been instrumental in shaping Ericsson's strategy with his broad industry knowledge, business development and transactional skills during the five years that he has been with the company. He has played a leading role in all M&A and key commercial activities during these years, strengthening Ericsson's position across all business segments."
Ericsson provides telecommunications equipment and services to mobile and fixed network operators worldwide. It operates through four segments: Networks, Global Services, Support Solutions, and Modems. The Networks segment delivers products and solutions for mobile access, Internet protocol (IP) and transport networks, and core networks. This segment offers radio access solutions; IP and transport solutions; transmission/backhaul solutions comprising microwave and optical transmission solutions for mobile and fixed networks; switching and IP multimedia subsystem solutions; and operations support systems, as well as supports operators management of existing networks.
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