NEW YORK ( TheStreet) -- Morgan Stanley ( MS) reported first-quarter earnings that swung to a profit. The firm reported a profit of $1 billion, or 50 cents a share, including charges, a reversal from a loss of $79 million in the same period a year ago. Excluding charges, Morgan had a profit of $1.2 billion, or 61 cents a share, beating consensus estimates of 57 cents a share. The company's weakness in its fixed income and commodities trading business was offset by higher revenue in its global wealth management and asset management businesses. Morgan Stanley reported revenue that fell short of analysts' forecasts. The firm posted $8.2 billion in revenue, short of the $8.35 billion analysts expected. Revenue was weighed down due to a debt valuation adjustment. Without it, revenue was $8.475 billion. In other earnings news, PepsiCo ( PEP) reported first-quarter profit that beat analysts' estimates on strong global snack sales. Pepsi reported net income that fell to $1.08 billion, or 69 cents a share, from $1.13 billion, or 71 cents a share, in the same quarter a year ago. Excluding items, the company reported profit of 77 cents a share, beating analysts' expectations of 71 cents per share, according to Thomson Reuters. Despite the better-than-expected results, Pepsi is sticking with its full-year forecasts. The company said it still expects 2013 earnings to grow 7% from its earnings of $4.10 per share in 2012. Pepsi has been boosting its advertising and marketing efforts on brands like Lays potato chips, Quaker oatmeal and its soft drinks. It's also been working to improve its cost-cutting efforts. Twitter is launching its new music service on Thursday. Twitter Music will let users search for songs based on Twitter activity and view what songs fellow users are listening to or recommend. Twitter users will be able to see what music is trending on Twitter and find songs suggested to them based on the artists they follow. The microblogging Web site has also added music providers like Rdio, Spotify and iTunes to the service, allowing users to play music through the app or Web page.