Investing.com – Morgan Stanley (NYSE:MS) reported a 21.4% drop in first quarter revenue that missed analyst forecasts, though earnings-per-share beat the consensus.
Specifically, the firm reported an EPS of $0.55 on revenue of $7.79 billion.
Analysts had expected an EPS of $0.45 on revenue of $9.4 billion.
“The first quarter was characterized by challenging market conditions and muted client activity. Against that backdrop, our businesses delivered stable results," James P. Gorman, chairman and CEO, said, .
"While we see some signs of market recovery, global uncertainties continue to weigh on investor activity. We remain focused on executing against our priorities, helping clients navigate difficult markets while controlling our expenses and managing risk prudently,” he added.
Shares in Morgan Stanley rose 1.90% in the pre-market after the release.