State Street Corp. (STT) has reported a year-over-year decline in its second-quarter earnings, yet the figures surpassed Wall Street's expectations.
The company posted earnings of $711 million, or $2.15 per share, compared to $763 million, or $2.17 per share, in the same period last year.
According to data compiled by Thomson Reuters, analysts had projected earnings of $2.03 per share on average. These estimates generally exclude special items.
For the quarter, the company's revenue increased by 2.6%, reaching $3.19 billion, up from $3.11 billion in the previous year.
A summary of State Street Corp.'s second-quarter earnings (GAAP) is as follows:
- Earnings: $711 million, compared to $763 million last year.
- EPS: $2.15, compared to $2.17 last year.
- Revenue: $3.19 billion, compared to $3.11 billion last year.
