Morgan Stanley beat third-quarter expectations as equities trading surged, lifting profit 6.5% to $4.91 billion and revenue 12% to $20.34 billion.
01Summary
- 01Morgan Stanley reported third-quarter profit of $4.91 billion, or $3.03 a share, up 6.5% from a year earlier.
- 02Revenue rose 12% to $20.34 billion, helped by a strong equities trading performance.
- 03Equities trading revenue jumped 41% to $5.8 billion, about $909 million above the StreetAccount estimate.
- 04Fixed income trading revenue fell 7% to $2.01 billion, roughly $260 million below expectations.
- 05Investment banking revenue rose 2% to $2.16 billion, about $110 million short of expectations, as higher advisory fees were offset by weaker underwriting.
02Why it matters
The results show Morgan Stanley is benefiting from strong trading activity even as parts of its banking business remain weaker. Investors will be watching whether that strength can continue if mergers and IPO activity stays uneven.
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