(RTTNews) - Morgan Stanley (MS) reported better-than-expected Q2 results, amid the COVID-19 pandemic.
Net income applicable to the company was $3.2 billion or $1.96 per share, compared to $2.2 billion or $1.23 per share last year.
Adjusted earnings for the quarter increased to $2.04 per share from the previous year's $1.23 per share.
Net revenues increased to $13.4 billion from $10.2 billion generated a year ago.
Analysts polled by Thomson Reuters expected earnings of $1.12 per share on revenue of $10.31 billion for the quarter. Analysts' estimate typically exclude certain special items.
James Gorman,Chairman and Chief Executive Officer, said, "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..."
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