Morgan Stanley shares popped after the firm exceeded analysts’ profit estimates and each of its three main businesses produced more revenue than expected.
The bank said Thursday that fourth-quarter profit surged 46% to $2.24 billion, or $1.30 a share, compared with the 99 cent estimate of analysts surveyed by Refinitiv. Revenue climbed 27% to $10.86 billion, exceeding the $9.72 billion estimate by more than $1 billion.
Shares of the firm rose 2.7% in premarket trading.
“We delivered strong quarterly earnings across all of our businesses,” CEO James Gorman said in the release. “Firmwide revenues were over $10 billion for the fourth consecutive quarter, resulting in record full year…