BlackRock earnings: revenues and profits miss Wall Street forecasts due to 'market headwinds'

BlackRock's revenue fell 2% year-on-year in the second quarter due to lower base fees and performance fees. Coupled with $61 million of fund launch costs, that contributed to a 7% drop in net income to about $1 billion in the period. More positively, the investment manager recorded a 9% increase in assets under management.

"BlackRock generated $151 billion of total net inflows in the second quarter, a record 9% annualized organic asset growth," Blackrock CEO Laurence Fink said in the earnings statement."While organic base fee growth of 3% and the year-over-year revenue decline reflected certain market headwinds, our second-quarter results validate BlackRock's unique ability to bring together the entire firm to meet clients' needs in any market environment.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of America Merrill Lynch beats Wall Street forecasts with record second-quarter earningsBank of America Merrill Lynch announced second-quarter earnings results on Tuesday.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Oil stocks have lagged the S&P 500 in 2019 but Wall Street loves themSeven of the 10 stocks with the highest upside potential over the next 12 months, based on analysts’ price targets, are in the oil business. Lemming trades.
Source: MarketWatch - 🏆 3. / 97 Read more »