Revenue Drops 62% as Morgan Stanley Posts a Loss

Morgan Stanley reported a bigger-than-expected first-quarter loss on Wednesday, as it wrote down soured real estate investments and took a hit on its own debt.

The bank reported a net loss of $177 million, or 57 cents a share, compared with a profit of $1.4 billion a year ago. Revenue fell 62 percent to $3 billion. Analysts surveyed by Reuters had expected a loss of about 9 cents a share and revenue of about $4.9 billion.

Results were helped by a one-time tax benefit of $331 million “from the anticipated repatriation of non-U.S. earnings at lower than previously estimated tax rates.”

Read Full Article from New York Times

- Posted: 2009-04-22 08:37:17

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