“NEW YORK (AP) — Morgan Stanley says profit and revenue dipped in the first quarter. Results beat Wall Street’s expectations, but the stock still dipped in pre-market trading.
Revenue from the investment bank slipped, while revenue from asset management rose.
Earnings totaled $1.2 billion, down about 12 percent from a year earlier. Per share, those earnings amounted to 61 cents, beating the 57 cents expected by analysts polled by FactSet.
Revenue totaled $8.5 billion. That was down 5 percent from a year earlier, but it beat analysts’ expectations of $8.3 billion.
The earnings and revenue exclude the effect of an accounting charge related to the value of the bank’s debt.
The stock dipped in pre-market trading, down 7 cents to $21.40.”
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