In the second quarter of 2022, the American investment company BlackRock Inc., the world’s largest investment company in terms of assets under management, reduced its net profit by 22%, the adjusted figure fell short of market expectations.
The company’s net profit for April-June amounted to $1.077 billion, or $7.06 per share, compared with $1.378 billion, or $8.92 per share, for the same period last year.
Earnings before one-off factors fell to $7.36 per share from $10.45 per share a year earlier.
BlackRock’s quarterly revenue fell to $4.526 billion from $4.820 billion.
Analysts polled by FactSet had, on average, forecast BlackRock’s adjusted earnings of $7.87 per share on revenue of $4.55 billion.
The net inflow of investor funds into BlackRock funds increased to $90 billion over the past three months, compared to $81 billion a year earlier.
The volume of assets managed by BlackRock Inc. decreased by 11% over the year and, as of June 30, 2022, amounted to $8.49 trillion.
Since the beginning of 2022, the company’s papers have fallen in price by 35.7%.