Morgan Stanley posts profit of $1.30 a share, tops estimates

July 18, 2018 - 6:28 am

NEW YORK (AP) — Morgan Stanley says second-quarter net income totaled $2.44 billion.

The New York-based company said Wednesday it had earnings of $1.30 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The investment bank posted revenue of $13 billion in the period. Its revenue net of interest expense was $10.61 billion, also beating Street forecasts.

Morgan Stanley shares have dropped slightly more than 6 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 5 percent. The stock has risen 8.5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MS at https://www.zacks.com/ap/MS

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