Morgan Stanley Beats Q1 Estimates

Morgan Stanley ($MS@US) posted first-quarter profit and revenue on Wednesday that beat Wall Street estimates. Earnings per share were $1.70 versus the $1.62 estimated, and revenue was $14.52 billion versus the $13.92 estimated. Although the bank’s trading revenue declined from the same period last year following a pandemic-induced boom, it still exceeded market expectations by about $250 million. CEO James Gorman has expanded the bank’s wealth management with a series of acquisitions, which offset its riskier trading and banking results. Morgan Stanley’s wealth management revenue gained 11 percent from the same period a year earlier. Rate hikes led to loan growth, which offset lower asset management revenues as markets declined.