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Tuesday April 19, 08:09
Merrill Lynch first-quarter profit fell 3%
(by John Glagow)

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Merrill Lynch first-quarter profit fell 3% Merrill Lynch, the world’s biggest securities firm, reported on Tuesday that its first-quarter profit fell 3% due to higher expenses.

Profit fell to $1.21 billion, or $1.21 a share, from $1.25 billion, or $1.22, in the previous year. Analysts were expecting $1.18 a share.

Revenue rose 3% to $6.2 billion from $6.09 billion last year. Profit margin fell to 26.8% from 27.9%.

The company said it will buy back as much as $4 billion in stock.

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