Morgan Stanley 2Q profit beats estimates
Posted June 17, 2008 11:00 pm
NEW YORK -- Morgan Stanley says trading and the sale of some of its holdings helped lift the investment bank's profit above Wall Street projections for the second quarter. However, it was down 61 percent from last year.
The nation's second-largest investment bank says profit fell to $1.01 billion, or 95 cents per share, from $2.57 billion, or $2.45 per share, a year earlier. Revenue has fallen to $6.51 billion from $10.52 billion last year.
Thomson Financial says, on average, analysts expected New York-based Morgan Stanley to record a profit of 92 cents per share on revenue of $7.05 billion.
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