Morgan Stanley reported earnings that fell short of analysts’ estimates for the second quarter of the year, as a decline in deals amid rising volatility hit investment banking revenue.
Specifically, the investment bank reported earnings of $2.4 billion, or $1.39 per share, for the quarter ended June 30, compared with $3.4 billion, or $1.85 per share, in the corresponding period of 2021. showing a 29% decline The bank’s adjusted net earnings were $1.44 per share.
The bank’s revenue for the same period was $13.13 billion, compared to $14.76 billion in the same period last year, down 11%, mainly due to a significant 55% drop in investment banking revenue.
Analysts’ consensus estimates were for earnings of $1.53 a share on revenue of $13.48 billion, according to Refinitiv data.
In pre-session trading on Thursday, Morgan Stanley shares fell 0.5%.
It is noted that since the beginning of the year, the bank’s stock has recorded a “plunge” of 24%.
Source: Capital
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