BlackRock Inc reported an 18% drop in first-quarter profit on Friday but it beat analysts' estimates as investors continued to pour money into its funds, cushioning the hit to fee income from a global banking rout that rocked financial markets.
A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jacksonreported an 18% drop in first-quarter profit on Friday but it beat analysts' estimates as investors continued to pour money into its funds, cushioning the hit to fee income from a global banking rout that rocked financial markets.
Stocks and bonds fluctuated wildly in the first three months of the year as investors switched from expectations of tighter monetary policy to anticipating interest rate cuts following the collapse of two U.S. regional banks in March. BlackRock, the world's largest asset manager, reported an adjusted profit of $7.93 per share. Analysts had estimated a profit of $7.76 per share, according to Refinitiv IBES data.
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