Shares of BlackRock Decline After Downbeat Q2 Earnings Report

Shares of BlackRock Inc. tumbled more than 3 percent in premarket trade on Monday after the firm reported second quarter earnings and revenue that missed analysts’ expectations.

BlackRock shares dropped 3.27% to trade around $424.00 per share on Monday following a gain of 0.11% after the close on Friday. The world’s largest asset manager posted second quarter earnings per share of $5.24 on revenue of $2.965 billion after excluding non-recurring items. That missed forecast for EPS of $5.39 on revenue of $3.02 billion.

Net profit was reported to advance to $857 million, or $5.22 a share, from $789 million, or $4.73 a share, in the same period a year ago while the firm’s assets under management rose 16% on a yearly basis to $5.689 trillion, topping analyst expectations.

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