On Wednesday, Morgan Stanley (NYSE: MS) reported its financial results for the second quarter of fiscal 2018. With both earnings and revenue surpassing estimates, shares of the company surged 3.3% in premarket trading today.
According to the company, total revenue increased from $9.50 billion to $10.61 billion, which was better than analysts’ estimates of $10.05 billion. The increase in revenue was motivated by the strong performance of institutional securities revenue.
According to the company, institutional securities net revenues were $5.7 billion for the second quarter, and wealth management net revenues were $4.3 billion for the quarter. In addition, net revenues of investment management increased from $665 million to $691 million.
Net income for the company increased from $1.59 billion, or 87 cents per share, for the same period last year, to $2.27 billion, or $1.30 per share, for the second quarter. Th results was better than analysts’ estimates of $1.11 per share.
“We reported robust revenue and earnings growth this quarter with strength across all businesses and geographies. The second quarter performance reflected active markets and healthy client engagement. Our strong global franchise positions us well to continue to grow organically across each of our businesses and to deliver operating leverage,” James P. Gorman, the Chairman and Chief Executive Officer of Morgan Stanley, said in the statement on Wednesday.