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%.
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