BlackRock (NYSE: BLK) the largest asset manager in the world, posted second-quarter earnings and revenue that missed expectations.
The company posted second-quarter adjusted earnings per share of $5.24 on revenue of $2.965 billion. In the year-earlier period, the company had posted adjusted earnings of $4.78 per share on sales of $2.804 billion.
The firm's second-quarter assets under management rose 16% year over year to $5.689 trillion, topping analyst expectations.
BlackRock also said assets under management for its exchange-traded fund business iShares topped $1.5 trillion, helped by record net inflows of $74 billion. BlackRock also saw long-term net inflows of $104 billion.
Revenue from investment advisory, administration fees and securities lending rose to $2.675 billion, roughly in line with expectations.
Earnings Per Share came in at $5.24 versus $5.40 expected by Thomson One analysts' consensus.
Revenue proved $2.965 billion versus $3.019 billion expected by Thomson One.
Assets under management were $5.689 trillion versus $5.66 trillion expected by StreetAccount.
BlackRock CEO Laurence Fink was quoted thus: “BlackRock’s second quarter results reflect the trust our clients continue to place in our global investment and technology platform.” .
BlackRock's stock has risen 15% while the S&P 500 has risen 9.8% respectively. The price swooned $13.53, or 3.1%, mid-morning Monday to $424.81.
The company had reported first-quarter results that beat Wall Street's estimates on April 19.
Earlier this year, the company announced it would use more computers to pick stocks as part of its efforts to overhaul its active management business.
