Along with falling revenue, Morgan Stanley (NYSE:MS) saw a decrease in profit in the second quarter.
Earnings and Revenue Both EPS and revenues failed to meet Wall Street expectations as The company posted EPS of 29 cents a share and revenues of $6.95 billion. Analysts were expecting EPS of 44 cents a share and revenues of $7.7 billion. The estimates of 16 analysts ranged from profit of 23 cents to profit of 85 cents.
The company's net income for the quarter was $591 million. This is a 50.5% decline from last year. Revenue fell 24.5% from $11.31 billion in the same period last year.
Company Fundamental Trends The company's profit in the latest quarter comes on the heels of losses in the previous two quarters. In the first, The company reported a net loss of $94 million while losses totaled $250 million in the fourth quarter of the last fiscal year.
History Against Expectations The company missed forecasts after topping estimates in the previous two quarters. In the first quarter, it topped the mark by 25 cents, and in the fourth quarter of the last fiscal year, it was ahead by 44 cents.
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.