Morgan Stanley on Monday reported quarterly earnings that topped analysts' expectations, but profit more than halved as the Wall Street bank's trading and investment banking businesses took a hit from market volatility early in the year.
Shares of Morgan Stanley moved higher in premarket trading immediately following the report. (Click here to track the stock.)
Earnings applicable Morgan Stanley's common shareholders fell 54.4 percent to $1.06 billion, or 55 cents per share, in the quarter ended March 31, from $2.31 billion, or $1.18 per share, a year earlier. Excluding an accounting adjustment, the bank also earned 55 cents per share.
Morgan Stanley reported revenue of $7.8 billion, compared with $9.9 billion a year ago.