UPDATE: State Street Posts Decline In Q2 Profit

State Street

reported a drop in its second-quarter profit. State Street's quarterly profit dropped to $480 million, or $0.98 per share, versus $502 million, or $1 per share, in the year-earlier period. Its revenue fell 3% to $2.42 billion from $2.49 billion. However, analysts were expecting earnings of $0.98 per share on revenue of $2.42 billion. State Street shares closed at $44.14 yesterday.