Have you been eager to see how State Street Corporation STT performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this MA -based popular company’s earnings release this morning:An Earnings BeatState Street came out with operating earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 88 cents.Stable expenses primarily led to the earnings beat.How Was the Estimate Revision Trend?You should note that the earnings estimate revisions for State Street depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate had remained unchanged over the last 7 days.However, State Street has a decent earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in three of the trailing four quarters, with an average beat of 1.48%.Revenue Came In Lower than ExpectedState Street posted revenues (on GAAP basis) of $2.48 billion, which was below the Zacks Consensus Estimate of $2.56 billion.Key Statistics & DevelopmentsNet inflows of $13 billion in asset management businessNew asset servicing mandates totaled $264 billionRepurchased nearly $325 million worth of sharesOn track to generate approximately $100 million in annualized pre-tax net run-rate expense savings from State Street Beacon this yearOn Apr 1, 2016, State Street sold the WM/Reuters branded foreign exchange benchmark business to Thomson Reuters. This will lead to a gain of nearly $53 million in the second quarter 2016 What Zacks Rank SaysThe estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for State Street. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.Check back later for our full write up on this State Street earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report STATE ST CORP (STT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research