7/16/2020, 1:17 PM (Source: TeleTrader)
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Morgan Stanley's Q2 net revenue at $13.4B, up 31% YoY

Morgan Stanley announced on Thursday that its net revenue amounted to $13.4 billion in the second quarter of fiscal 2020, marking a jump of 31% compared to the same time span a year earlier.

The firm's diluted earnings per share (EPS) stood at $1.96 in the three months ending with June 30, 2020, soaring 59% compared to the second quarter of 2019. Net income applicable to the company totaled $3.2 billion in the second trimester, up 45% on an annualized basis.

"Our decade long business transformation was intended to provide stability during times of serious stress. The second quarter tested the model and we performed exceedingly well, delivering record results. This builds on the momentum of a very strong first quarter, while more than 90% of our employees continue to work from home, demonstrating the ongoing operational resilience of our platform," Chairman and CEO James P. Gorman noted in a press release.

Morgan Stanley's stock was 0.58% up in premarket trade following the release of the report.

Breaking the News / MS