Morgan Stanley Reports 30% Lower Profits
The coronavirus pandemic is bringing earnings down in virtually every industry, but Morgan Stanley (NYSE: MS) has done better than its peers despite decreased profits.
Revenue in the first quarter compared to the same period last year fell 7.8% to $9.49 billion, and profits dropped 30% to $1.7 billion, or $1.01 per share. These numbers were slightly below consensus expectations compiled by S&P Global Market Intelligence, which reported downgraded expectations of $9.82 billion in revenue and $1.8 billion in profit by generally accepted accounting principles, or $1.15 per share.
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Source Fool.com
