00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Morgan Stanley reported first quarter results that exceeded analyst estimates,
00:07as its trading operations generated nearly $1 billion more revenue than expected, according to CNBC.
00:12The bank reported earnings of $3.43 per share on $20.58 billion in revenue,
00:19beating estimates of $3 per share and $19.72 billion.
00:23Profit rose 29% to $5.57 billion, and revenue increased 16% to $20.58 billion,
00:31driven by gains in trading, investment banking, and wealth management.
00:35Equity's trading revenue rose 25% to a record.
00:39$5.15 billion, about $450 million above estimates,
00:43driven by strong volumes in prime brokerage and derivatives.
00:46Fixed income revenue increased 29% to $3.36 billion,
00:52about $540 million above estimates,
00:54driven by commodities trading tied to energy market volatility.
00:59Morgan Stanley navigated first quarter market turmoil
01:02and outperformed Goldman Sachs in fixed income trading,
01:05where Goldman missed estimates by $910 million.
01:08For all things money, visit Benzinga.com.
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