Asset management company BlackRock, Inc. (NYSE: BLK) on Thursday announced financial results for the third quarter of 2022, reporting a double-digit decline in revenues and earnings.
Total revenue decreased 15% year-over-year to $4.31 billion, mainly 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 third quarter were $7.96 trillion, down 16% year-over-year. Long-term net inflows amounted to $65 billion.
Third-quarter adjusted earnings dropped to $9.55 per share from $11.34 per share in the comparable period of 2021. Unadjusted income was $1.41 billion or $9.25 per share, compared to $1.68 billion or $10.89 per share in the prior-year period.
Check this space to read management/analysts’ comments on BlackRock’s Q3 2022 earnings
“Our wide range of investment offerings, leading technology platform, whole portfolio approach, and global insights are resonating deeply as clients seek partners to help them build stronger, more resilient portfolios that meet their long-term investment goals,” said BlackRock’s CEO Laurence Fink.