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Shares of financial advisory firm State Street (STT - Get Report)  were down more than 4% Tuesday to $67.14 after first-quarter earnings fell sharply from a year earlier.

The company reported adjusted earnings of $1.24 a share, 5 cents ahead of Wall Street estimates, but down about 27.2% from profit in the same period in 2018. 

Revenue for the period fell 4.1% to $2.93 billion, which also was ahead of Wall Street's expectation of $2.91 billion. Fee revenue in the period declined 6.4%.

"Our performance this quarter reflects the continued challenging conditions in the industry as well as lower client activity. We have seen these conditions before and know that focusing on what we can control, including better productivity, process re-engineering and greater resource discipline, while also strengthening client relationships, will deliver shareholder value and drive growth," said CEO Ronald O'Hanley.