NEW YORK (AP) — Morgan Stanley (MS) on Thursday reported third-quarter profit of $3.71 billion.
The New York-based company said it had earnings of $1.98 per share. Earnings, adjusted for pretax expenses, were $2.04 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.70 per share.
The investment bank posted revenue of $15.04 billion in the period. Its revenue net of interest expense was $14.75 billion, which also beat Street forecasts. Four analysts surveyed by Zacks expected $13.85 billion.