NEW YORK (AP) _ Morgan Stanley (MS) on Thursday reported third-quarter profit of $2.17 billion.
The New York-based company said it had earnings of $1.27 per share. Earnings, adjusted for non-recurring gains, were $1.21 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.
The investment bank posted revenue of $13.16 billion in the period. Its revenue net of interest expense was $10.03 billion, also beating Street forecasts. Three analysts surveyed by Zacks expected $9.68 billion.
Morgan Stanley shares have risen 8% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. The stock has decreased nearly 7% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MS at https://www.zacks.com/ap/MS
The Associated Press