State Street (NYSE:STT) reported on Friday first quarter earnings that beat analysts' forecasts and revenue that topped expectations.
State Street announced earnings per share of $1.67 on revenue of $3.07B. Analysts polled by anticipated EPS of $1.35 on revenue of $2.92B. That with comparison to EPS of $1.24 on revenue of $2.93B in the same period a year before. State Street had reported EPS of $1.98 on revenue of $3.05B in the previous quarter. Analysts are expecting EPS of $1.3 and revenue of $2.84B in the upcoming quarter.
State Street shares are down 26.04% from the beginning of the year , still down 31.89% from its 52 week high of $85.89 set on January 17. They are under-performing the S&P 500 which is down 13.72% year to date.
State Street shares gained 3.09% in pre-market trade following the report.
State Street follows other major Financial sector earnings this month
State Street's report follows an earnings beat by UnitedHealth on Wednesday, who reported EPS of $3.72 on revenue of $64.42B, compared to forecasts EPS of $3.63 on revenue of $64.18B.
JPMorgan had missed expectations on Tuesday with first quarter EPS of $0.78 on revenue of $29.07B, compared to forecast for EPS of $2.28 on revenue of $29.53B.
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