State Street stock gains 3% as Q2 earnings and revenue beat expectations

BOSTON – State Street Corporation (NYSE: NYSE: STT) today announced its financial results for the second quarter of 2024, surpassing analyst estimates with an earnings per share (EPS) of $2.15, which was $0.12 higher than the consensus of $2.03.

The company’s revenue for the quarter also exceeded expectations, coming in at $3.19 billion against the anticipated $3.15 billion. The announcement saw State Street’s stock rise by 3.12%. in premarket trading

The reported revenue marks an improvement from the same quarter last year, reflecting State Street’s continued growth in its financial services offerings to institutional investors.

State Street, a global leader in providing services to institutional investors, including investment servicing, management, and research and trading, has shown resilience in a competitive market. With $44.3 trillion in assets under custody and/or administration and $4.4 trillion in assets under management as of June 30, 2024, the company maintains a strong presence in over 100 geographic markets and employs approximately 53,000 people worldwide.

The company’s CEO commented on the results, expressing satisfaction with the performance, and attributing the success to State Street’s strategic initiatives and commitment to delivering value to clients and shareholders.