Morgan Stanley<\/a> posted third-quarter results that beat expectations on blockbuster results in its equities trading franchise. <\/p>\nHere’s what the company reported:<\/p>\n
Earnings per share: $3.03 vs. $2.91 LSEG estimateRevenue: $20.34 billion vs. $19.95 billion LSEG estimate <\/p>\n
The company said profit climbed 6.5% to $4.91 billion, or $3.03 a share. Revenue climbed 12% to $20.34 billion.<\/p>\n
The firm’s equities trading division, long a marquee business for Morgan Stanley, posted a 41% increase in revenue to $5.8 billion, exceeding the StreetAccount estimate by about $909 million.<\/p>\n
Morgan Stanley cited widespread strength across its equities products and regions, but cited Asia as a source of particular strength in the quarter. The gains in that business helped offset disappointments elsewhere.<\/p>\n
Fixed income trading revenue fell 7% to $2.01 billion, driven by declines in credit and commodities, which is roughly $260 million below expectations. <\/p>\n
Investment banking revenue edged 2% higher to $2.16 billion, about $110 million below expectations. The bank cited an increase in advisory revenue on more completed mergers, but declines in equity underwriting on lower IPOs and a decline in fixed income underwriting.<\/p>\n
Still, the results were “good, but not great,” as some business metrics showed slower improvement in the quarter, Wells Fargo analyst Mike Mayo said Wednesday in a note. <\/p>\n
Morgan Stanley shares declined about 2% in premarket trading. <\/p>\n
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Ted Pick, CEO of Morgan Stanley speaks on CNBC’s Squawk Box outside the World Economic Forum in Davos,…\n","protected":false},"author":2,"featured_media":882023,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[1532,10906,1531,116,28,122,8084,851,113,1534,93837,1535,296550,35992,918],"class_list":["post-882022","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-banks","tag-breaking-news-earnings","tag-breaking-news-investing","tag-breaking-news-markets","tag-business","tag-business-news","tag-earnings","tag-inc","tag-investment-strategy","tag-jpmorgan-chase-co","tag-mike-mayo","tag-morgan-stanley","tag-state-street-financial-select-sector-spdr-etf","tag-the-goldman-sachs-group","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/882022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=882022"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/882022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/882023"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=882022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=882022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=882022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}