BlackRock Stock Falls Even After Earnings Beat Expectations

1 min read
48 views

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]

Read the full article here

Leave a Reply

Your email address will not be published.

Previous Story

U.S. corporate borrowers face looming maturity cliff as funding costs reach 13-year high, Moody’s says

Next Story

Trump loses first of several bids to toss suit seeking to block him from Colorado ballot

Latest from Markets