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Morgan Stanley: 1Q Earnings Snapshot

NEW YORK (AP) _ Morgan Stanley (MS) on Wednesday reported first-quarter profit of $2.43 billion.

The New York-based company said it had earnings of $1.39 per share. Earnings, adjusted for pretax gains, were $1.33 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.

The investment bank posted revenue of $13.56 billion in the period. Its revenue net of interest expense was $10.29 billion, also surpassing Street forecasts.

Morgan Stanley shares have climbed 18 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 16 percent. The stock has declined 12 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MS at https://www.zacks.com/ap/MS