Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

State Street shares rise on 3Q earnings beat

Published 2023-10-18, 12:41 p/m
© Reuters.  State Street shares rise on 3Q earnings beat
STT
-

Proactive Investors - State Street Corporation (NYSE:STT) shares gained nearly 2% Wednesday afternoon after the company’s third-quarter earnings beat Street expectations.

The financial services firm posted adjusted earnings of $1.93 per share, up 6% year-over-year and above the Zacks Consensus Estimate of $1.77.

Revenue declined more than 9% year-over-year to $2.69 billion, short of the Zacks Consensus Estimate of $2.92 billion.

The earnings boost can be attributed in part to an increase in fee revenues. However, lower net interest revenues (NIR) and increased expenses were a drag overall.

Specifically, NIR fell 5.5% to $624 million, pulled down by lower average deposit balances..

Read more on Proactive Investors CA

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.