Finance

Morgan Stanley (MS) earnings 1Q 2021 beat estimates

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Morgan Stanley reported Friday that first-quarter profit and revenue beat expectations on stronger-than-expected trading and investment banking results.

The bank posted profit of $4.1 billion, or $2.19 a share, more than double the $1.7 billion earnings of the year-earlier period. The firm said that excluding merger related expenses, adjusted profit was $2.22 a share; analysts had expected $1.70.

Companywide revenue surged 61% to a record $15.7 billion, exceeding analysts’ estimate by $1.6 billion, helped by robust revenue from the firm’s Wall Street trading and banking operations. The boom in SPAC-issuance has led to a bonanza in fees for equity capital markets desks, and trading desks…



Source cnbc.com

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