State Street Corporation (NYSE:STT) stock fell on Friday after reporting third-quarter results.

The company reported adjusted earnings per share of $2.78, beating the analyst consensus estimate of $2.61.

Quarterly sales reached $3.545 billion, up 9% year-over-year (Y/Y), beating the analyst consensus of $3.459 billion.

Also Read: State Street Likely To Report Higher Q3 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Revenue Growth Driven by Fees

Fee revenue rose 8% Y/Y, driven by strength across key segments. Adjusted for notable items, the increase was 12%.

Management fees jumped 16%, servicing fees grew 7%, FX trading services climbed 11% (16% excluding notable items), securities finance rose 19%, and software and processing fees increased 9%.

Other fee revenue ...