Morgan Stanley posted second-quarter results Thursday that were below analysts’ expectations, hurt by weaker-than-expected investment banking revenue.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.39 vs. $1.53 expected
- Revenue: $13.13 billion vs. $13.48 billion expected
Profit dropped 29% to $2.5 billion, or $1.39 per share from $3.51 billion, or $1.85 per share, a year ago, the New York-based bank said in a release. Revenue fell 11% to $13.13 billion from $14.8 billion, driven by the steep 55% decline in investment banking revenue.
The results confirm what some analysts had feared for Morgan…