logo
  

BlackRock Q3 Profit Declines; Revenue Down 15%

BlackRock, Inc. (BLK) reported a 15% decrease in third-quarter EPS, and 16% decline in adjusted EPS, year-over-year which reflects a lower effective tax rate and a lower diluted share count, partially offset by lower nonoperating income, in the current quarter. The company recorded a 21% decrease in operating income, or 22% as adjusted, from last year. Revenue declined 15% primarily driven by the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees.

The company's bottom line came in at $1.41 billion, or $9.25 per share compared to $1.68 billion, or $10.89 per share, a year ago.

Excluding items, adjusted earnings was $9.55 per share compared to $11.34 per share, last year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $7.07, for the quarter. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 14.7% to $4.31 billion from $5.05 billion last year. Analysts on average had estimated $4.23 billion in revenue.

Assets Under Management was $7.96 trillion as at September 30, 2022.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT