NEW YORK (AP) — Morgan Stanley says fourth-quarter profit totaled $1.53 billion, more than double from the year-ago quarter.
The New York-based company said Thursday that it had earnings of 80 cents per share, up from 26 cents a year ago. The prior-year period included a large charge related to the GOP tax overhaul.
Earnings, adjusted for pretax gains and to account for discontinued operations, came to 73 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.
The investment bank posted revenue of $11.67 billion in the period. Its revenue net of interest expense was $8.55 billion, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $9.44 billion.