Banking giant Morgan Stanley (NYSE: MS) on Friday y reported lower earnings and revenues for the third quarter of 2022. The company’s stock dropped soon after the announcement.
Net income applicable to shareholders was $2.63 billion or $1.47 per share in the third quarter of 2022, compared to $3.71 billion or $1.98 per share in the same period a year ago. Adjusted earnings dropped to $1.53 per share from $2.04 per share last year.
The bottom line was hurt by a 12% decrease in revenues to $12.9 billion. The company delivered ROTCE of 14.6%, or 15.2% excluding the impact of integration-related expenses.
Check this space to read management/analysts’ comments on Morgan Stanley’s Q3 2022 earnings
Shares of Morgan Stanley declined early Friday following the earnings announcement, after closing the last session higher.