BlackRock Profit Falls 20% as Market Volatility Curbs Fees
- Adjusted earnings per share missed Wall Street estimates
- Earnings were dragged down by $76 million charge for job cuts
BlackRock Earnings Dragged Down by Job Cuts Charge
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BlackRock Inc., the world’s largest money manager, said first-quarter profit fell 20 percent as a global stock-market slump early in the year crimped revenue and the firm cut jobs.
Net income decreased to $657 million, or $3.92 a share, from $822 million, or $4.84, a year earlier, the company said Thursday. Adjusted earnings of $4.25 a share missed the $4.30 average estimate by 18 analysts surveyed by Bloomberg.