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BlackRock
posted earnings that beat expectations on Friday. Shares still declined.
The world’s largest money manager (ticker: BLK) posted third-quarter earnings per share of $10.91, up from $9.55 a year earlier and better than the $8.34 expected by Wall Street analysts. Operating income increased 7% from a year earlier, the company said.
The stock fell 1.6% to $625.99 in premarket trading. It’s down 12% since Jan. 1.
BlackRock is guiding customers through a rapidly changing environment for investors. The Federal Reserve has aggressively increased interest rates over the past year and a half. The stock market is more or less flat this year, while bond yields have been rising sharply.
The firm recorded $3 billion of quarterly net inflows. Net outflows were $49 billion, stemming from lower-fee index equity strategies and $19 billion from a single international client, the company said. Assets under management rose by $1.1 trillion from a year earlier.
“When investors were ready to put money back to work, they came to BlackRock, leading to record flows and share gains,” said CEO Larry Fink in a statement. “We remain intensely focused on staying in front of our clients, positioning for a resurgence in allocation activity as rates stabilize, and laying the foundation for future growth.”
Write to Brian Swint at [email protected]
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