Citigroup (market close: +1.8%) posted a 2.3% decline in Q1 net profit to$2.93 bn, or $1.11 a share (adjusted basis, Bloomberg EPS consensus: $1.02), owing to a negative credit valuation adjustment of $1.3 bn. The third-largest US bank said revenue rose 1% year-over-year to $20.2 bn (including the accounting cost: -2% to $19.4 bn; expenses were unchanged at $12.3 bn).
Shares of Mattel lost 9.1% after the world’s biggest toymaker announced 2.5% lower Q1 net sales of $928.4 m (forecast: $984.7 m, earnings per share excl. special items: 6 cents versus median analyst estimate of 7 cents; net income slumped 53% to $7.8 m). “Retailer inventory reductions were more drastic than we thought,” commented CEO Bryan Stockton.