Morgan Stanley earnings fall short of analysts’ consensus estimate
Morgan Stanley MS, -1.26% shares fell 1.8% in premarket trades Thursday after the bank said its second-quarter net income fell to $2.5 billion or $1.39 a share, from $3.51 billion, or $1.85 a share in the year-ago quarter. Adjusted net income for the latest quarter was $1.44 a share. Second-quarter net revenue dipped to $13.13 billion from $14.76 billion. Analysts expected Morgan Stanley to report earnings of $1.
56 a share and revenue of $13.39 billion, according to a FactSet survey. CEO James Gorman said the bank's results were"solid" despite the most volatile market environment"that we have seen for some time." Gorman said the bank delivered strong results in its equity and fixed income units, which offset weaker investment banking activity. Shares of Morgan Stanley are down 23.6% in 2022 compared to a loss of 20.3% by the S&P 500 SPX, -0.45%.
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