Morgan Stanley profit dips
NEW YORK – Morgan Stanley's profit and revenue dipped in the first quarter. Results beat Wall Street's expectations, but the stock still dipped in pre-market trading.
Quarterly revenue from the investment bank slipped, while revenue from wealth management rose.
Earnings totaled $1.2 billion, down about 12 percent from a year earlier. Per share, those earnings amounted to 61 cents, beating the 57 cents expected by analysts polled by FactSet.
Revenue totaled $8.5 billion. That was down 5 percent from a year earlier, but it beat analysts' expectations of $8.3 billion.