State Street Corp.’s quarterly revenue disappointed investors Tuesday, pushing the shares down 3.2 percent. They rose only slightly Wednesday. Short-term interest rates are squeezing the bank. Net interest revenue fell 12 percent from a year earlier to $546 million. Overall revenue of $2.43 billion grew 3 percent from a year earlier but fell 5 percent from the previous quarter. Profit was $531 million, down 19 percent from a year earlier, when results included a tax benefit of 35 cents a share. On an operating basis, profit rose to $1.19 from 99 cents. The stock had been up 49 percent this year through Monday.
State Street stock rises slightly after big fall
You've reached the limit of 10 free articles a month
Stay informed with unlimited access to Boston’s trusted news source.
- High-quality journalism from the region’s largest newsroom
- Convenient access across all of your devices
- Today’s Headlines daily newsletter
- Subscriber-only access to exclusive offers, events, contests, eBooks, and more
- Less than $1 a week