Morgan Stanley said Wednesday that its second-quarter profit was $1.58 billion, or $1.09 a share, compared to a loss of $1.26 billion, or $1.10 a share, in the year-ago period.

Income from continuing operations was 80 cents a share, while consolidated income applicable to Morgan Stanley was $1.44 billion.

Net revenue was $7.95 billion, up 53 percent from the second quarter of 2009.

The Wall Street firm reported revenue increases in each of its three business segments, institutional securities, global wealth management and asset management.

Analysts surveyed by FactSet Research expected, on average, profit of 57 cents a share on revenue of $8.11 billion.

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