MINNEAPOLIS ( TheStreet) -- Ameriprise Financial ( AMP) saw its stock soar on Thursday morning following its strong earnings report after the closing bell on Wednesday. The financial services company saw profit jump 173% to $259 million from $95 million a year earlier. Earnings per share rose 139% to 98 cents a share from 41 cents a year earlier. Excluding items, earnings came in at $1.10 a share, blowing past estimates of 77 cents a share. The strong performance caused ratings firm Standard & Poor to upgrade its outlook for the company to stable from negative. The stock is up 10.1% at $42.17 on Thursday morning. Revenue rose 38% in the second quarter to $2.57 billion from $1.87 billion, driven by higher asset management income as a result of market gains and the acquisition of Columbia Management in April. Excluding the Columbia acquisition, revenues on an operating basis increased 18%. Total assets under management was at $600 billion up 51% from a year-ago, and included $166 billion from Columbia management's assets. Total client assets increased 12% over the year on strong retail inflows and market appreciation. The company's investment portfolio had an unrealized gain of $1.6 billion at the end of the quarter. Management expects the integration of Columbia Management acquisition to be on schedule and on budget. --Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook. Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.