economy
Morgan Stanley tops estimates as trading revenue exceeds expectations by nearly $1 billion
Morgan Stanley's results in the quarter were powered by the firm's fixed income and equities trading operations, which produced about $8.5 billion in revenue.
TL;DR
- Morgan Stanley exceeded Q1 earnings and revenue estimates.
- Trading operations generated almost $1 billion more in revenue than expected.
- Equities trading revenue hit a record $5.15 billion, up 25%.
- Fixed income revenue rose 29% to $3.36 billion, boosted by commodities trading.
- Investment banking revenue surged 36% to $2.12 billion.
- Wealth management revenue reached a record $8.52 billion.
- Investment management revenue declined 4.2% due to lower carried interest.