Sweet … maybe I’ll actually get a raise this next year …
Morgan Stanley profit blew past forecasts Wednesday, with revenue surging, mainly due to an increase in sales and trading revenues.
Morgan Stanley’s net income per diluted share, including discontinued operations, was 99 cents a share in the first quarter, compared with a net loss of 57 cents a share in the first quarter of 2009.
Excluding one-time items, earnings per diluted share were $1.03 in the first quarter, versus a loss of 41 cents a share in the same period a year ago and with analyst expectations of 57 cents a share.
Shares were up more than 3.5 percent in pre-market trading.
Morgan Stanley, which reported a yearly loss for 2009, is looking for a rebound year in 2010 under the leadership of new chief executive James Gorman.
Gorman shuffled his leadership team as he took the helm of the firm at the start of the year.
Morgan Stanley is also in the process of integrating Morgan Stanley Smith Barney, the largest retail brokerage.