Ted Pick, CEO Morgan Stanley, speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024.
Adam Galici | CNBC
Morgan Stanley on Wednesday posted record revenue and profit for the second quarter, driven by a 69% surge in equities trading revenue.
Here’s what the company reported:
- Earnings per share: $3.46 vs. $2.94 LSEG estimate
- Revenue: $21.35 billion vs. $19.64 billion estimate
The company said profit jumped 58% from a year earlier to $5.58 billion. Revenue climbed 27% to $21.35 billion.
Like at peers Goldman Sachs and JPMorgan Chase, a massive beat on equities trading drove the quarter’s outsized results.
Heightened activity fueled by the global artificial intelligence boom propelled JPMorgan and Goldman to beat estimates for equities trading by a combined $4.4 billion, while investment banking at the two firms topped estimates by a combined $1 billion.
Analysts will want to know what CEO Ted Pick has to say on the outlook for the rest of the year as geopolitical tensions remain high.
This story is developing. Please check back for updates.
