BlackRock Inc posted a smaller-than-expected drop in quarterly profit on Thursday as strong demand for exchange-traded funds and other low-risk products cushioned the hit to fee income from a global market rout, but its assets under management fell below expectations.
A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jacksonposted a smaller-than-expected drop in quarterly profit on Thursday as strong demand for exchange-traded funds and other low-risk products cushioned the hit to fee income from a global market rout, but its assets under management fell below expectations.
The world's largest asset manager, which makes most of its money from fees charged for investment advisory and administration services, recorded a 16% fall in adjusted profit to $9.55 per share.Shares of the company, down 42% so far this year, dropped on Thursday, hitting a near 2-1/2 year low amid broader market weakness after a hot U.S. inflation reading.
"We see 6%-8% lower revenues in 2022 on weak market conditions, but note long-term asset inflows remain positive," Cathy Seifert, vice president at CFRA Research, said in a note. CFRA keeps a "strong buy" opinion on BlackRock’s shares. BlackRock's third-quarter revenue fell 15% to $4.31 billion. Net income fell to $1.4 billion, or $9.25 per share, for the three months ended Sept. 30, from $1.68 billion, or $10.89 per share, a year earlier.has lost nearly 25% so far this year, with analysts expecting more pain as the U.S. Federal Reserve stays aggressive.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Gig work' rule is in Biden administration's crosshairs, sending DoorDash and Lyft stocks to all-time lowsAs the Labor Department proposed a new rule that could change the status of many workers from independent contractors to employees, Lyft shares hit all-time intraday lows:
Read more »
PEP Stock Price | PepsiCo Inc. Stock Quote (U.S.: Nasdaq) | MarketWatchPEP | Complete PepsiCo Inc. stock news by MarketWatch. View real-time stock prices and stock quotes for a full financial overview.
Read more »
Albertsons stock heads higher amid report of Kroger merger interestShares of Albertsons Cos. Inc. undefined were up more than 11% in Thursday morning trading after Bloomberg News reported that Kroger Co. undefinedwas in...
Read more »
North Texas federal contractor agrees to pay $121K to resolve alleged hiring discriminationA federal contractor has agreed to resolve allegations of hiring discrimination, accepting terms that include paying $121,000 in back wages to 798 female and Black job applicants at the company's North Texas warehouse.
Read more »
Kappa Pi Omega attends conferenceApproximately 40 members of the local graduate chapter of Alpha Kappa Alpha Sorority Inc. were among the 1,000 members who attended the organization’s South Eastern Region Alabama Cluster in Mobile
Read more »
Province formally takes over Extendicare homes in Sask.On Wednesday, the SHA announced it had formally taken over operation of five homes formerly operated by Extendicare Canada Inc.
Read more »