Morgan Stanley (NYSE: MS) beat third quarter 2019 earnings and revenue estimates sending its shares up about 4% in the before-market hours. The banking giant posted adjusted earnings of $1.21 per share and GAAP earnings of $1.27 per share in the September quarter. Revenue for the third quarter of 2019 rose 2% from the year-ago quarter to $10 billion.
Analysts had expected the company’s earnings to decrease year-over-year by 5% to $1.11 per share and revenue to decline by 2.4% to $9.63 billion for the recently ended quarter.
Check below Morgan Stanley’s Q3 2019 earnings infograph:
Morgan Stanley’s strong results for the three months ended September 30, 2019, were helped by the growth across all business segments. Institutional Securities net revenues of $5 billion reflected strength across products and strong client engagement despite seasonality and volatile markets. Sales and Trading net revenues surged 10% to $3.46 billion from a year ago quarter. Wealth Management net revenues stayed flat at $4.4 billion.
Read: Charles Schwab (SCHW) outclasses Q3 earnings and revenue targets on strong client demand
“We delivered strong quarterly earnings despite the typical summer slowdown and volatile markets. Firmwide revenues were over $10 billion for the third consecutive quarter, and we produced an ROE within our target range,” said CEO James Gorman.
Among other banking firms that reported their earnings results this week, JPMorgan Chase (NYSE: JPM) and Citigroup (NYSE: C) topped Q3 estimates. Wells Fargo (NYSE: WFC) and Goldman Sachs (NYSE: GS) failed to meet Q3 earnings targets, while they beat revenue estimates.
Morgan Stanley stock had gained 8% since the beginning of this year, while it dropped 7% from this time last year.
Listen to on-demand earnings calls and hear how management responds to analysts’ questions
Most Popular
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to
Key highlights from Exxon Mobil Corporation’s (XOM) Q3 2024 earnings results
Exxon Mobil Corporation (NYSE: XOM) reported its third quarter 2024 earnings results today. Total revenues and other income remained relatively flat at $90 billion compared to the same period a
AAPL Earnings: Apple Q4 2024 sales rise 6% YoY, beat estimates
Apple Inc. (NASDAQ: AAPL) reported an increase in revenues for the fourth quarter of 2024. The top line came in above estimates. The gadget giant generated revenues of $94.9 billion
