BlackRock Inc. one of the world’s largest investment firms, increased its net income in the second quarter of 2023 by 27%, but its revenue fell 1%.
According to the company’s press release, its net income for the April-June period totaled $1.37 billion, up from $1.08 billion in the same period a year earlier. Earnings per share rose to $9.06 from $7.06 a year earlier.
Earnings excluding one-time factors came in at $9.28 per share, topping Wall Street analysts’ consensus forecast of $8.52 per share.
BlackRock’s quarterly revenue decreased to $4.46 billion from $4.53 billion, with experts on average forecasting the figure to be $4.47 billion.
The volume of assets under management of BlackRock Inc. increased by 11% to $9.43 trillion.
Net inflow of investors’ funds into BlackRock funds in April-June amounted to $80.162 billion against $89.573 billion a year earlier, being significantly worse than the average market forecast ($109 billion).
BlackRock shares are losing 0.7% in price in pre-market trading on Friday. Since the beginning of this year their value has grown by 4.4%.
