BlackRock Inc (NYSE:BLK) saw its second quarter profit and revenue miss expectations, a disappointment after the fund management firm beat market hopes in the first quarter.
The NYSE-listed firm said that during the second quarter, its net profit rose to US$857mln, or US$5.22 a share, up from US$789mln, or US$4.73 a share, in the same period a year ago.
Excluding non-recurring items, adjusted earnings per share stood were US$5.24, below the consensus forecast of US$5.40, while revenue rose by 6% to US$2.97bn, but was also the consensus estimate of US$2.99bn.
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BlackRock's ssets under management grew by 16% to US$5.69trn. Net equity outflows were US$600mln, mainly in European and US equities, while fixed income recorded net inflows of US$7.1bn from municipal, total return and unconstrained strategies.
The company’s CEO Laurence Fink said: "While significant cash remains on the sidelines, investors have begun to put more of their assets to work."
In pre-market New York trading, BlackRock shares were down 2.48% at $427.45