Citigroup Reduces Russian Assets in 1st Quarter and LinkedIn Gives Disappointing Forecast
Citigroup Inc. (NYSE: C) reduced Russian assets amidst the Ukraine crisis in the first quarter. The company said in a filing that while political tensions in Russia and Ukraine haven’t yet had a material impact on results, “future developments, including the imposition of any additional sanctions against Russian entities, business sectors, individuals or otherwise, could negatively impact the business." In a quarterly filing, Citigroup said that the company's exposure to Russia dropped 9 percent to $9.4 billion as of March 31 from the end of 2013.
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. As of December 31, 2013, this segment operated 3,729 branches in 36 countries.
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LinkedIn Corporation (NYSE: LNKD) reported second-quarter sales forecast that missed analysts’ estimates. The company has reported that second-quarter revenue will be $500 million to $505 million, while analysts on average were projecting sales of $505.5 million, according to data compiled by Bloomberg. The stock gained 89% in 2013.
LinkedIn Corporation operates an online professional network. The company, through its proprietary platform, allows members to create, manage, and share their professional identity online; build and engage with their professional networks; access shared knowledge and insights; and find business opportunities. It also offers LinkedIn mobile applications across various platforms and languages, such as iOS for iPhone and iPad, Android, Blackberry, Nokia Asha, and Windows Mobile; a public Website that allows developers to integrate its content and services into their applications; and a set of embeddable widgets to allow Web developers to include content from the companys network into their Website or application.
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