BlackRock, Inc. (NYSE:BLK) on Tuesday, reported financial results for the first quarter of 2019 before the market opened for regular trade. Net income slumped 4% to $1.05 billion or $6.61 per share, on a revenue slide of 7% to $3.35 billion.
The decline in revenues was primarily the result of a shift in investor interest towards cheaper funds.
Analysts had expected $6.20 per share earnings on revenue of $3.32 billion. Both the top-line and bottom-line surpassed the market consensus.
On a reported basis, net income fell to $6.61 per share from $6.68 per share a year ago.
Assets Under Management (AUM) for BlackRock rose 3% in the quarter while operating income slumped 10% to $1.23 billion.
“BlackRock’s broad investment platform generated $65 billion of total net inflows in the first quarter, representing 4% organic growth,” said BlackRock CEO Laurence D. Fink.
READ: GOLDMAN SACHS’ FIRST QUARTER PROFIT SLIPS ON LOWER REVENUES
Total long term net flows $59 billion during the quarter, and the growth was spurred primarily by the institutional segment.
BlackRock shares have closed its last trading session down 0.48% on Monday. Since the beginning of this year, the stock has gained 16%.
Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!
Most Popular
Coca-Cola (KO) Q1 2021 earnings release
The Coca-Cola Company (NYSE: KO) reported first-quarter 2021 financial results before the regular market hours on Monday. The beverage manufacturer reported fourth-quarter revenue of $9 billion, up 5% year-over-year. The
Earnings calendar for the week of April 19
The market rally gathered pace this week amid impressive quarterly results, led by the banking sector, and positive economic data. Leading stock indexes continued their winning streak, with S&P 500
Undeterred by crisis, Bank of America stays in expansion mode
Leading Wall Street banks recorded robust earnings in the early months of fiscal 2021 with the results benefiting from the release of credit loss reserves, in most cases. Taking advantage