State Street beats Q3 estimates, shares edge higher

BOSTON - State Street Corporation (NYSE:STT ) reported third-quarter 2024 earnings that surpassed analyst expectations, with both revenue and earnings per share (EPS) exceeding consensus estimates. The financial services giant's shares rose 1.18% following the announcement.

State Street posted adjusted EPS of $2.26, beating the analyst estimate of $2.12 by $0.14. Revenue for the quarter came in at $3.26 billion, surpassing the consensus estimate of $3.19 billion. The company's performance demonstrates resilience in a challenging economic environment.

Compared to the same quarter last year, State Street's revenue increased, although the exact YoY percentage was not provided in the press release. The company's assets under custody and/or administration stood at $46.8 trillion as of September 30, 2024, while assets under management reached $4.7 trillion.

"Our third-quarter results reflect the strength of our diversified business model and our ability to navigate market volatility," said a State Street executive, although the specific attribution was not provided in the release.

As of September 30, 2024, State Street employed approximately 53,000 people worldwide and operated in more than 100 geographic markets, underscoring its global presence in the financial services industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com