Business · Companies · 2 hrs ago
Morgan Stanley beats third-quarter earnings and revenue expectations
Morgan Stanley reported stronger third-quarter results for the US investment bank, with revenue and profit both higher than a year earlier.
Revenue reached $20.338 billion, up 11.6%, while net income rose 6.5% to $4.909 billion.
Earnings per share were $3.03, above the $2.83 expected by analysts surveyed by Zacks Investment Research.
Revenue also beat expectations, which were $19.739 billion.
The bank said its institutional securities business benefited from strength in equities, while wealth management had record revenue and drew in $232 billion in new net assets.
Despite beating expectations, Morgan Stanley shares fell 2.75% to $181.55 in New York after the results were released.
Morgan Stanley reported third-quarter revenue of $20.338 billion and net income of $4.909 billion.
Diluted earnings per share were $3.03, above analysts’ expectation of $2.83.
Revenue also exceeded analysts’ expectation of $19.739 billion.
Chief Executive Ted Pick said the bank’s Institutional Securities division benefited from strength in equities, while Wealth Management recorded record revenue.
After the report, the bank’s shares fell 2.75% to $181.55 in New York.
- Who
- Morgan Stanley.
- What
- It reported third-quarter revenue and earnings above analysts’ expectations.
- When
- The third quarter; the year is not stated.
- Where
- New York, where the bank’s shares were trading after the report.
- Why
- The bank cited strength in its equities business and record Wealth Management revenue; the sources do not state a single reason for the results.
This story does not have two clearly opposing sides.
Morgan Stanley recorded revenue of $20.338 billion and net income of $4.909 billion.
Morgan Stanley shares fell 2.75% to $181.55 in New York.
- Revenue
- $20.338 billion
- Net income
- $4.909 billion
- Diluted earnings per share
- $3.03
- Analysts’ revenue expectation
- $19.739 billion
- Analysts’ earnings-per-share expectation
- $2.83
- Share price after report
- $181.55, down 2.75%
3 sources
What people are saying
Institutional Securities benefited from global strength, driven by our equity franchise, while Wealth Management recorded record revenue and attracted $232 billion in net new assets and $80 billion in fee-based flows
In total, client assets in the Wealth and Investment Management divisions amounted to $10.5 trillion, demonstrating the scale of our platform and the strength of our franchise