BlackRock Q2 (NYSE:BLK) earnings miss estimates in volatile markets for stocks and bonds

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black rock (NYSE: BLK) Second-quarter operating profit fell 14% year-on-year as the asset management firm faced the “worst start to the year for stocks and bonds in half a century,” it said on Friday. Chairman and CEO Larry Fink.

BLK shares are down 1.7% in Friday’s premarket trade.

Q2 Adjusted EPS of $7.36, lagging consensus estimate of $8.02, declined from $9.52 in Q1 and $9.52 in Q2 2021.

The company also repurchased $500 million of its stock during the quarter.

Q2 revenue of $4.53 billion matched consensus of $4.53 billion and fell $4.70 billion in the prior quarter and $4.82 billion in the prior year quarter .

Investment advisory and administrative fees of $3.53 billion, compared to $3.70 billion in the first quarter and $3.62 billion in the second quarter of 2021.

Technology services, including Aladdin, generated $332 million in revenue in the second quarter compared to $341 million in the first quarter and $316 million.

Distribution costs of $361m vs. $381m in Q1 and $369m.

Total Q2 spend of $B vs. $2.94B in prior quarter. Compensation and employee benefits costs of $B versus $1.50B in Q1.

Second quarter adjusted operating income of $1.73 billion increased from $1.82 billion in the first quarter and $2.02 billion in the second quarter of 2021; adjusted operating margin of 43.7% compared to 44.2% in the prior quarter and 46.9% in the prior year quarter.

Total assets under management of $8.49 T compared to $9.57 T as of March 31, 2022.

$90 billion in total quarterly inflows versus $86 billion in total inflows in the prior quarter.

$69 billion in long-term quarterly net inflows versus $114 billion in net inflows in the first quarter.

Conference call at 8:30 a.m. ET.

Earlier, BlackRock (BLK) non-GAAP EPS $7.36 misses $0.66, revenue of $4.53 billion online

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