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Morgan Stanley Beats Q1 Estimates
Description
Morgan Stanley ($MS@US) posted first-quarter profit and revenue on Wednesday that beat Wall Street estimates. Earnings per share were $1.70 versus the $1.62 estimated, and revenue was $14.52 billion versus the $13.92 estimated. Although the bank’s trading revenue declined from the same period last year following a pandemic-induced boom, it still exceeded market expectations by about $250 million. CEO James Gorman has expanded the bank’s wealth management with a series of acquisitions, which offset its riskier trading and banking results. Morgan Stanley’s wealth management revenue gained 11 percent from the same period a year earlier. Rate hikes led to loan growth, which offset lower asset management revenues as markets declined.
Keywords & Tags
#earnings
#inflation
#business
#first quarter
#earnings season
#Morgan Stanley
#profit
#Acquisitions
#wealth management
#analyst estimates
#annual report
#Rate Hikes
#revenue
#finance
#Earnings Per Share
#Asset Management
#Morgan Stanley Beats Q1 Estimates
#Loan Growth
#James Gorman
#Trading Revenue
#Pandemic-induced Boom
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