Morgan Stanley profit dips, but beats predictions

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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.