Morgan Stanley: Q1 Earnings Snapshot
NEW YORK (AP) _ Morgan Stanley (MS) on Friday reported first-quarter profit of $4.12 billion.
The New York-based company said it had earnings of $2.19 per share. Earnings, adjusted for non-recurring costs, came to $2.22 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.72 per share.
The investment bank posted revenue of $16.13 billion in the period. Its revenue net of interest expense was $15.72 billion, which also topped Street forecasts. Three analysts surveyed by Zacks expected $13.81 billion.
Morgan Stanley shares have climbed 18% since the beginning of the year, while the S&P’s 500 index has increased 11%. The stock has more than doubled in the last 12 months.