BlackRock, the world‘s largest fund manager, posted adjusted net income of $ 1.45 billion, or $ 9.25 per share, in Q3 2022, down 16% from $ 1.68 billion $ 11.34 per share for the same period of 2021. Revenues fell 15% to $ 4.31 billion.
The stock is marking a -3.8% in the first moments of the session on Wall Street
Analysts had expected an average earnings per share of $ 7.07 on revenues of $ 4.23 billion, according to data from Refinitiv, although it is unclear whether the numbers are comparable to estimates.
Assets under management (AUM) stood at $ 7.96 trillion, down 16% from $ 9.46 trillion a year ago.
CEO Larry Fink said, “BlackRock generated industry-leading long-term net inflows of $ 248 billion in the first nine months of 2022, including $ 65 billion in the third quarter.
Once again we saw strong growth in bond ETFs, with $ 37 billion in net inflows.
The active strategies reflected the momentum of significant outsourcing mandates and continued demand for alternatives, so we raised $ 6 billion in commitments and net inflows, ”continued Fink.