) first-quarter profit beat expectations as rising revenue from its wealth management division offset declines in its investment banking and trading units.Revenue from investment banking fell 24 per cent to US$1.25-billion, while the wealth management unit saw a 11-per-cent jump, bringing in US$110-billion in net new assets.
“The investments we have made in our Wealth Management business continue to bear fruit,” Chief Executive James Gorman said in a statement. Results from Morgan Stanley round out a choppy reporting season for Wall Street’s biggest banks as the collapse of two mid-sized lenders in March sent shockwaves across the world and further fueled recession worries.) slid after it beat Wall Street earnings estimates for the first quarter but offered a lighter-than-expected forecast, demonstrating the challenges the mature streaming service faces in its pursuit of growth.
“We are growing and we are profitable,” Co-Chief Executive Ted Sarandos said in the company’s post-earnings video interview. “We have a clear path to accelerate growth in both revenue and profit, and we’re executing it.” “We believe it will result in a better outcome for our members and our business,” the company said. Netflix also said it was “on track to meet our full year 2023 financial objectives.”
Tesla’s website showed late on Tuesday that it cut prices of its Model Y ‘long range’ and ‘performance’ vehicles by US$3000 each and of its Model 3 ‘rear-wheel drive’ by US$2,000 to US$39,990.
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