Banking giant Morgan Stanley (NYSE: MS) on Thursday reported lower earnings and revenues for the first quarter of 2022. The company’s stock gained soon after the announcement.
Net income applicable to shareholders was $3.7 billion or $2.02 per share in the first quarter of 2022, compared to $4.1 billion or $2.19 per share in the same period a year ago. Adjusted earnings dropped to $2.06 per share from $2.22 per share last year.
The bottom line was hurt by a 6% decrease in revenues to $14.8 billion. Advisory revenues nearly doubled from a year ago driven by higher levels of completed M&A transactions, while equity underwriting revenues significantly decreased on lower issuances in line with market volumes in an uncertain market environment.
Check this space to read management/analysts’ comments on Morgan Stanley’s Q1 2022 earnings
Shares of Morgan Stanley gained early Thursday following the earnings announcement, after closing the last session higher.
Stocks you may like:
Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted
Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,
CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,