Morgan Stanley (MS) said on Thursday that it had swung to a profit in the second quarter, but its revenue fell as the firm contended with the doldrums that have descended on the banking industry, the New York Times reported.
It earned $563 million from continuing operations, which amounts to about 28 cents a share, missing analyst estimates. According to Thomson Reuters, analysts on average expected the company to earn 43 cents a share.
The company reported revenue, excluding certain onetime gains, of $6.6 billion, down from $9 billion a year ago. Including adjustments, the company had revenue of $6.95 billion, down from $9.2 billion in the year-ago quarter.
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