Morgan Stanley's Quarterly Profit Falls 42%

March 19, 2008
Morgan Stanley's Quarterly Profit Falls 42%

BOSTON (Dow Jones) -- Morgan Stanley's first-quarter net earnings dropped 42% as revenue also fell, the investment bank said Wednesday, but the results beat consensus forecasts that have been knocked down by the credit crunch.

The company (MS) reported income of $1.56 billion, or $1.45 a share, compared with $2.67 billion, or $2.51 a share, earned in the year-earlier first quarter. Net revenue fell 17% to $8.32 billion, the company said.