BlackRock, 20% profits declining in first quarter 2016

9 years ago - Published in Finance, Fundamental Analysis

BlackRock, the first asset managers in the world, registered a 20% drop in first-quarter earnings. Net income fell to $ 657 million, or $ 3.92 per share, from 822 million, or $ 4.84 per share a year ago.

On an adjusted basis, earnings of $ 4.25 per share, slightly below analysts' estimates at $ 4.29, according to Thomson Reuters I / B / E / S. CEO Larry Fink attributed the worsening of the result to the decrease in commissions on certain product types, such as hedge funds.

In presenting the results, the group has confirmed that the quarter has carried out a restructuring program designed to "streamline and simplify the organization."