Morgan Stanley posts record revenue and profit as equities trading surges 69%

1 hour ago

Ted Pick, CEO Morgan Stanley, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024.

Adam Galici | CNBC

Morgan Stanley reported second-quarter earnings before the opening bell Wednesday.

Here's what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

Earnings per share: $3.46 vs. $2.94 expected Revenue: $21.35 billion, vs. $19.64 billion expected

Morgan Stanley is expected to benefit from higher trading and investment banking revenue in the quarter, as rivals JPMorgan Chase and Goldman Sachs have shown in their reports.

Heightened activity fueled by the global artificial intelligence boom propelled JPMorgan and Goldman to beat estimates for equities trading by a combined $4.4 billion, while investment banking at the two firms topped estimates by a combined $1 billion.

Analysts will want to know what CEO Ted Pick has to say on the outlook for the rest of the year as geopolitical tensions remain high.

This story is developing. Please check back for updates.

Read Full Article at Source

Morgan Stanley posts record revenue and profit as equities trading surges 69%

Related

Morgan Stanley posts record quarterly revenue and profit as equities trading surges 69%

Morgan Stanley earnings are out – Here are the numbers

Morgan Stanley is set to report second-quarter earnings — here's what the Street expects

Lucid dismisses report that it is weighing filing for bankruptcy or going private after shares plunge

T. rex sells for $50 million, becoming the most expensive dinosaur fossil ever auctioned

United Airlines' new upsell: Keeping other travelers out of the middle seat

World Cup's biggest spenders show up late as semifinals drive host city travel boom

Paramount, WBD hit with lawsuit from 12 states, including California, to block merger

Paramount-WBD hit with lawsuit from 12 states, including California, to block merger

Paramount-WBD merger expected to face lawsuit from multiple states, sources say

Big banks poised to report booming revenue propelled by SpaceX IPO, Iran war volatility

Inside Wealth: Private chef salaries reach $300,000 as the rich seek their own Michelin stars

Private chef salaries reach $300,000 as the rich seek their own Michelin stars

Delta expects higher airfare to last, bringing 2026 profit goal in reach, CEO says

Florida's Palm Beach airport renamed for Trump

Goldman Sachs wins $70 billion in asset management deals with Verizon, Lockheed Martin

June home sales disappoint as prices reach an all-time high

PepsiCo earnings miss estimates as U.S. consumers tighten their budgets