BlackRock Shares Down 3% Despite Improved Q2 Results

Shares of investment management corporation BlackRock, Inc. (BLK) are down 3 percent on Wednesday's trading even as the company posted higher earnings in the second quarter.

The company reported net income of $1.378 billion or $8.92 per share in the second quarter, higher than $1.214 billion or $7.85 per share in the same quarter a year ago, helped by good increase in its under management.

Excluding items, earnings were $1.549 billion or $10.03 per share in the quarter, that beat the average estimate of thirteen analysts polled by Thomson Reuters at $9.36 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased 32% to $4.82 billion from $3.648 billion last year. The consensus estimate was for $4.61 billion.

Currently trading at $876.77, the stock has traded between $531.39 and $920.31 during the past 52 weeks.

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