Accounting charge trims Morgan Stanley revenue
(AP) NEW YORK - Morgan Stanley (MS) reported a first-quarter loss on a big accounting charge, but without the charge its earnings beat analysts' forecasts.
The loss from continuing operations applicable to common shareholders was $103 million.
Revenue was $6.9 billion, down from $7.6 billion a year ago. The results included a $2 billion accounting charge related to changes in the value of the bank's debt.
Without the charges, revenue rose to $8.9 billion from $7.8 billion, more than analysts were expecting.
Earnings per share excluding the charges were 71 cents per share, far more than the 44 cents analysts had forecast.
Morgan Stanley's stock jumped 6.5 percent in pre-market trading.
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