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.