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BlackRock sees second quarter profit and revenue miss expectations, but assets under management grow

Monday, July 17, 2017 6:25
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BlackRock Inc (NYSE:BLK) saw its second quarter profit and revenue miss expectations, a disappointment after the fund management firm beat market hopes in the first quarter.

The NYSE-listed firm said that during the second quarter, its net profit rose to US$857mln, or 5.22 US cents a share, up from US$789mln, or 4.73 US cents a share, in the same period a year ago.

Excluding non-recurring items, adjusted earnings per share stood were 5.24 US cents, below the consensus forecast of 5.40 US cents, while revenue rose by 6% to US$2.97bn, but was also the consensus estimate of US$2.99bn.

READ: Surge into passive funds boosts Blackrock

BlackRock‘s ssets under management grew by 16% to US$5.69trn. Net equity outflows were US$600mln, mainly in European and US equities, while fixed income recorded net inflows of US$7.1bn from municipal, total return and unconstrained strategies.

The company’s CEO Laurence Fink said: “While significant cash remains on the sidelines, investors have begun to put more of their assets to work.”

In pre-market New York trading, BlackRock shares were down 2.48% at $427.45

Story by ProactiveInvestors


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