Morgan Stanley shares climbed nearly 5% after reporting first-quarter results that beat analyst estimates on both top and bottom lines. Record revenues in institutional securities and wealth management drove the growth.
- Net revenue of $20.6 billion (16% YoY increase)
- GAAP net income of $5.6 billion ($3.43 per share)
- Institutional securities revenue reached record $10.7 billion
- Wealth management revenue hit all-time high of $8.5 billion
- Stock outperformed S&P 500 with a nearly 5% daily gain
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