Morgan Stanley said Thursday that it lost money in the third quarter, though income from continuing operations rose sharply on higher trading revenue when excluding accounting charges to reflect swings in the price of its own debt.
The investment bank reported income from continuing operations of $561 million, or 28 cents per share, compared with $64 million, or 2 cents per share a year ago, excluding debt valuation adjustments.
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Including the effect of that accounting adjustment, Morgan Stanley lost $1 billion, or 55 cents per share, compared with earnings of $2.2 billion, or $1.14 per share, a year earlier.
Analysts had been expecting Morgan Stanley to report earnings of 24 cents per share, but it was not immediately clear whether that figure was comparable to the operating earnings figure the bank reported.
(Reporting By Lauren Tara LaCapra; Editing by Gerald E. McCormick)