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State Street Q3 profit up 13%, misses estimates

State Street Q3 profit up 13%, misses estimates

Mubasher: State Street Corp. reported a 13% year-on-year growth in profits for the third quarter of 2018, missing analysts' estimates for both its bottom line and revenue.

The US-based financial services and bank holding company logged $709 million in earnings, or $1.87 a share, versus $629 million in Q3-17.

Analysts polled by Refinitiv were expecting the company to post earnings of $1.89 a share, MarketWatch reported.

Total revenue increased by 3.7% to $2.95 billion in Q3-18, missing analysts’ expecting of $3.02 billion.