Morgan Stanley MS announced better-than-expected adjusted earnings and revenue for the second quarter. As a result, the stock traded 3.4 percent higher in the pre-market trading on Wednesday.
Morgan Stanley reported net income applicable to its shareholders of $1.6 billion or $0.75 per share, down from net income of $1.8 billion or $0.85 per share in the year-ago quarter. The company indicated that its prior year quarter included DVA revenue of $182 million. Excluding DVA in the prior year quarter, net income applicable was $1.7 billion, or $0.79 per share. This was higher than the Street analysts' estimation of $0.50 a share.
The company's top line fell to $8.9 billion from $9.7 billion in the previous year quarter. This was also better than the Street prediction of $8.3 billion.
Chairman and CEO, James Gorman, said, "Our results this quarter reflect solid performance in an improved but still fragile environment. In the midst of market uncertainty, we maintained our leadership positions across our core franchises and continued our focus on prudent risk management and judicious expense control. We remain committed to executing for our clients and delivering on our strategic priorities for our shareholders."
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