(AP) — Jefferies Group Inc. on Wednesday posted a fourth-quarter profit that easily beat Wall Street expectations, as stronger revenue from investment banking reversed its year-ago loss.

For the three months ended Dec. 31, the firm earned $93.5 million, or 46 cents per share. That compared with a loss of $439.9 million, or $2.39 per share, in the year-earlier period.

Quarterly revenue more than tripled to $531.6 million from $186.9 million in the 2008 quarter.

Analysts polled by Thomson Reuters expected a profit of 36 cents per share on revenue of $599.8 million.

Investment banking revenue soared to $193.9 million from $87.2 million, while revenue from principal transactions was $132.7 million, compared with a year-earlier loss of $89.2 million.

Asset management fees and investment from managed funds was $14.4 million, compared with a loss of $35.2 million in the year-earlier period.

Meanwhile, noninterest expenses slid to $362.5 million from $886.6 million, with compensation and benefits expenses declining by about two-thirds, to $239.4 million.

For the full year, Jefferies said it earned $280 million, or $1.38 per share, its best annual performance in the company's 47-year-history.

Shares of Jefferies advanced 94 cents, or 3.6 percent, to $26.77 in midday trading.

Will Grayson Meak faceoff against Devin Downes in counties? Meanwhile North Babylon’s Jasmine McKay hoops it up and there's history on the mat in Nassau County in Episode 2 of "Sarra Sounds Off."  Credit: Mario Gonzalez

 SARRA SOUNDS OFF: Wrestling, North Babylon hoops and more! Will Grayson Meak faceoff against Devin Downes in counties? Meanwhile North Babylon's Jasmine McKay hoops it up and there's history on the mat in Nassau County in Episode 2 of "Sarra Sounds Off." 

Will Grayson Meak faceoff against Devin Downes in counties? Meanwhile North Babylon’s Jasmine McKay hoops it up and there's history on the mat in Nassau County in Episode 2 of "Sarra Sounds Off."  Credit: Mario Gonzalez

 SARRA SOUNDS OFF: Wrestling, North Babylon hoops and more! Will Grayson Meak faceoff against Devin Downes in counties? Meanwhile North Babylon's Jasmine McKay hoops it up and there's history on the mat in Nassau County in Episode 2 of "Sarra Sounds Off." 

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