State Street (NYSE:STT) posted stronger-than-expected first-quarter earnings, although revenue slightly missed analyst estimates as the firm navigates a complex economic backdrop. As a result, the company’s shares rose more than 3% intra-day today.
The financial services giant reported adjusted earnings per share of $2.04, outpacing the consensus forecast of $2.00. Revenue landed at $3.28 billion, just under the expected $3.32 billion.
Despite the revenue miss, the company saw solid momentum across key areas. Servicing fees climbed 4% year-over-year to $1.28 billion, and management fees advanced 10% to $562 million. Foreign exchange trading also provided a boost, with revenue rising 9% to $362 million.
State Street’s scale continued to expand, with assets under custody or administration growing 6% to $46.7 trillion, and assets under management increasing 9% to $4.7 trillion by quarter-end.
