BlackRock Profit Slips
October 15 2019 - 06:57AM
Dow Jones News
By Patrick Thomas
Investors increased the flood of cash flowing into
money-management giant BlackRock Inc. in the last quarter. But the
firm saw profits fall 8% from the comparable quarter a year earlier
to $1.12 billion.
BlackRock reported earnings of $7.15 a share, down from $7.54 a
share a year earlier for its third quarter. Analysts surveyed by
FactSet were expecting $6.92 a share.
Total net flows, which is the difference between investor money
going into BlackRock and money leaving, rose to $84.25 billion, up
from a loss of $3.11 billion a year earlier. The company's assets
under management topped $6.96 trillion for the period.
Revenue grew about 3% to $3.69 billion, in line with what
analysts had expected.
The world's biggest money manager helped steer a revolution in
financial markets with exchange-traded funds that trade rapidly and
index funds that track markets cheaply.
Technology-services revenue rose 30%, but still makes up a small
part of the company's revenue. BlackRock provides software for
financial institutions to monitor risk. The firm has been trying to
expand that business, in a bid to expand its reach across markets
and smooth the effect of market swings.
Write to Patrick Thomas at Patrick.Thomas@wsj.com
(END) Dow Jones Newswires
October 15, 2019 06:42 ET (10:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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