State Street Corporation (STT) recently issued its earnings report for the first quarter, showing a decrease compared to last year, with results falling short of Wall Street's estimates.
The company's earnings arrived at $463 million, or $1.37 per share, a decrease in comparison to the first quarter of the previous year which came in at $549 million, or $1.52 per share.
On the whole, the average expectation by analysts was for the company to earn $1.50 per share. This estimation stems from data gathered by Thomson Reuters, and typically, these analyst estimates exclude special items.
However, it wasn't all negative, as State Street Corporation's revenue for the quarter saw a rise of 1.3%, increasing to $3.14 billion up from $3.10 billion last year.
A brief snapshot at State Street Corporation's first quarter (GAAP) earnings reveals:
- Earnings (Q1): Down to $463 million from $549 million last year.
- EPS (Q1): Decreased to $1.37 from $1.52 last year.
- Revenue (Q1): Rose to $3.14 billion up from $3.10 billion last year.
