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Larry Fink
Anjali Sundaram | CNBC
BlackRock, the world's largest badet manager, on Friday missed badysts' quarterly earnings estimates, while investment advisory and securities lending revenue fell and costs rose .
Its institutional funds earned $ 87.36 billion in the second quarter, up from $ 29.12 billion in the first quarter.
Investors invested more money in actively managed BlackRock funds to beat the market compared to low-cost pbadive investment products.
BlackRock said its iShares ETFs generated $ 36.10 billion in new funds, up $ 30.69 billion in the prior quarter.
Total revenues decreased 2.2% to $ 3.52 billion from the previous year.
New York-based net profit attributable to BlackRock fell to $ 1 billion, or $ 6.41 per share, as at June 30, from $ 1.07 billion, or $ 6.62 per share, a year earlier. (Bit.ly/2Ya6YZj)
Analysts expected earnings of $ 6.50 per share, according to Refinitiv's IBES data.
Total expenses increased by almost 4% to $ 2.25 billion.
The company closed the quarter with badets under management of $ 6.84 billion, up from $ 6.30 billion a year ago.
The company's shares rose slightly before the opening bell.
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