State Street Reports Smaller Profit as Fee Revenue Declines
April 23 2019 - 7:48AM
Dow Jones News
By Allison Prang
State Street Corp. (STT) reported a lower profit as fee income
fell.
State Street said its first-quarter earnings were $508 million,
which was a 23% decrease from the comparable quarter a year prior.
The company reported earnings of $1.18 a share, down from $1.62 a
share. Analysts polled by Refinitiv were expecting $1.17 a
share.
The company said adjusted earnings were $1.24 a share. Analysts
were expecting $1.19 a share.
Revenue fell 4.1%, to $2.93 billion, as fee revenue declined
6.4%. Analysts were expecting $2.92 billion in revenue.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 23, 2019 07:33 ET (11:33 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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