Asset manager BlackRock (BLK) topped analysts’ earnings estimate during Q2 2018, even as revenue growth came in line with the market expectations. The company reported earnings of $6.62 per share. Excluding items, earnings came in at $6.66 per share, topping analysts’ estimate of $6.61 per share. Revenue came in at $3.60 billion, which was in line with analyst estimates.
Revenue during the quarter rose 11% helped by base fees, performance fees, and technology services revenue. The rise in earnings was aided by the lower tax rate. The effective tax rate fell to 23.7% during the quarter, from 30.5%.
The New York-based company reported assets under management (AUM) of $6.299 trillion for the quarter, an increase of 11%.
BlackRock reported its earnings after the major US banks announced mixed earnings results last Friday. JP Morgan Chase (JPM) reported solid Q2 results that beat analysts’ expectations whereas Citigroup (C) shares dropped after the company reported weaker-than-expected quarterly revenue. Shares of BlackRock were down 1% during the pre-market trading session today.
Related: BlackRock reports Q1 2018 results
BlackRock into Cryptocurrencies:
Now that the investment mania for cryptocurrencies is growing, BlackRock is said to be evaluating different options of how it can take an advantage of this emerging cryptocurrency market. The financial giant has apparently set up a team from different sections of the business to investigate cryptocurrencies.
This is surprising because last year the company executive Larry Fink had criticized the digital currency. Similar to BlackRock, JP Morgan too changed its perspective on cyrpto trading and has launched a strategy on crypto trading. Goldman Sachs (GS) announced in May that it is launching a trading desk for bitcoin.
Related: JPMorgan and Citi quarterly results fail to impress investors
But this latest news that BlackRock has initiated cryptocurrency exploration has got the cryptocurrency traders excited.
Related Infographics: Q1 earnings
Most Popular
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to
