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State Street is the second-oldest United States bank that has operated continuously.
AFP via Getty Images
Shares of
State Street
took a tumble early Monday after the financial services company posted worse-than-expected earnings for its first quarter.
State Street (ticker: STT) posted first-quarter diluted earnings of $1.52 per share, lower than the $1.57 recorded in the year-ago period and missing analysts’ expectations of $1.64 per share, according to FactSet.
The company also posted first-quarter net income of $549 million, sliding from the $604 million recorded a year ago.
Net interest income for the quarter rose to $766 million from $509 million a year ago.
“Our first-quarter results reflect the resiliency of our business model, notwithstanding continued interest rate increases and subsequent significant market movements, volatility and disruption within other parts of the banking industry,” wrote Chief Executive Officer Ron O’Hanley in the earnings release.
Shares of State Street fell 10.9% to $71.35 early Monday.
Write to Emily Dattilo at [email protected]
Source: https://www.barrons.com/articles/state-street-earnings-stock-9c54d0b7?siteid=yhoof2&yptr=yahoo