BlackRock profit and revenue fall, but beat expectations

BlackRock profit and revenue fall, but beat expectations

Business
October 13, 2022 by keithhill530
151
[ad_1] Shares of BlackRock Inc. BLK, -0.01% was little changed in premarket trading Thursday, after the investment management giant reported third-quarter profit and revenue that fell from a year ago but beat expectations, as strong bond inflows continued while equities declined. Net income declined to $1.41 billion, or $9.25 a share, from $1.68 billion, or
MW-GP644_MicroS_ZG_20180906154215.jpg

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Shares of BlackRock Inc.
BLK,
-0.01%
was little changed in premarket trading Thursday, after the investment management giant reported third-quarter profit and revenue that fell from a year ago but beat expectations, as strong bond inflows continued while equities declined. Net income declined to $1.41 billion, or $9.25 a share, from $1.68 billion, or $10.89 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $9.55 was well above the FactSet consensus of $7.06. Revenue fell 14.6% to $4.31 billion, topping the FactSet consensus of $4.20 billion. Assets under management (AUM) dropped 16% to $7.96 trillion. For results by product type, equity net flows were down $29.28 billion, with AUM as of Sept. 30 of $4.02 trillion, while fixed income were up $90.62 billion, with AUM of $2.35 trillion. By client type, retail net flows were down $4.89 billion, exchange-traded funds (ETFs) was up $22.37 billion and total institutional was up $47.73 billion. BlackRock’s stock has dropped 11.0% over the past three months while the S&P 500
SPX,
-0.33%
has lost 5.9%.

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