Asset management company BlackRock, Inc. (NYSE: BLK) on Friday announced financial results for the first quarter of 2023, reporting lower revenues and earnings.
Total revenue decreased 10% year-over-year to $4.24 billion, due to the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees. Total long-term assets under management as of the first quarter were $8.41 trillion. Long-term net flows totaled $103 billion.
First-quarter adjusted earnings dropped to $7.93 per share from $9.52 per share in the comparable period of 2022. Unadjusted income was $1.16 billion or $7.64 per share, compared to $1.44 billion or $9.35 per share in the prior-year period.