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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