NEW YORK (AP) — NEW YORK (AP) — Citigroup Inc. (C) on Friday reported a fourth-quarter loss of $1.84 billion, after reporting a profit in the same period a year earlier.

The New York-based bank said it had a loss of $1.16 per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 84 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The U.S. bank posted revenue of $39.99 billion in the period. Its revenue net of interest expense was $17.44 billion, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $18.66 billion.

Citigroup shares have increased 1% since the beginning of the year, while the S&P's 500 index has stayed nearly flat. The stock has increased almost 7% in the last 12 months.

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