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Morgan Stanley Q2 results beat expectations

NEW YORK : Morgan Stanley reported a second-quarter loss of 38 cents per share on Thursday, beating expectations. Ana
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morgan-stanleyNEW YORK: Morgan Stanley reported a second-quarter loss of 38 cents per share on Thursday, beating expectations.

Analysts on average expected a loss of 62 cents per share, according to Thomson Reuters I/B/E/S.

The loss included a charge of $1.02 per share and a dilution of the bank's share base from the conversion of a $7.8 billion preferred stock investment by Japan's Mitsubishi UFJ Financial Group.

The bank earned $1.09 per share in the year-ago period.

Morgan Stanley's net revenue climbed 17 percent to $9.28 billion from $7.96 billion a year earlier and was 15 percent above the average analyst estimate of $8.04 billion.

Copyright Reuters, 2011

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