Fred Business News- Citigroup delivered yet another quarter of devastating results Friday, this time losing more than $5 billion due to troubles in its fixed-income business and higher consumer credit costs, adding it would cut an additional 9,000 jobs.

The New York-based company also recorded more than $15 billion in writedowns, with the lion's share coming from subprime-related direct exposures.

But investors cheered the news, sending shares of Citigroup more than 6% in early trading, as the results were not as bad as some had feared.

During a conference call with analysts, Citigroup's Chief Financial Officer Gary Crittenden said the company would initiate another 9,000 job cuts across the firm during the coming year. That's on top of the 4,200 cuts announced during the previous quarter.

For the quarter, Citi's losses widened to $5.1 billion, or $1.02 per share, surpassing Wall Street's expectations. Just a year ago, the financial services giant booked a profit of just over $5 billion.

Citi, however, did surprise analysts by delivering better-than-expected top line growth. The company said revenue rose sharply to $13.22 billion from the previous quarter, still it remained at just about half of what it was a year ago.

Analysts were expecting the company to report a loss of 95 cents a share on revenue of $12.77 billion, according to analysts surveyed by earnings tracker Thomson Financial.

At the same time, Friday's results paled in comparison to the eye-popping $9.83 billion quarterly loss the company suffered three months ago - the worst ever recorded in the 196-year-history of the firm and its predecessors.

Source: Cnn.com

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