Morgan Stanley profit dips, but beats predictions

NEW YORK Morgan Stanley (MS) says profit and revenue dipped in the first quarter. Results beat Wall Street's expectations, but the stock still dipped in pre-market trading.

Revenue from the investment bank slipped, while revenue from asset management rose.

Earnings totaled $1.2 billion, down about 12 percent from a year earlier. Per share, those earnings amounted to 61 cents, beating the 57 cents expected by analysts polled by FactSet.

Revenue totaled $8.5 billion. That was down 5 percent from a year earlier, but it beat analysts' expectations of $8.3 billion.

The earnings and revenue exclude the effect of an accounting charge related to the value of the bank's debt.

The stock dipped in pre-market trading, down 7 cents to $21.40.