BlackRock Inc (NYSE:BLK) shares fell more than 5% after the investment firm reported a revenue miss for the second quarter, overshadowing better-than-expected earnings.
Revenue for Q2 was $5.42 billion, up 13% from the year-ago quarter but slightly below the Wall Street consensus of about $5.44 billion.
BlackRock’s operating margin also declined to 31.9% from 37.5% in the same period last year.
Earnings per share of $12.05, however, were significantly ahead of the consensus $10.60.
BlackRock grew its assets under management to $12.53 trillion, up from $10.65 trillion in the year-ago quarter.
“Our comprehensive platform and the depth of our client relationships set us apart from traditional or private markets firms in the industry,” BlackRock CEO Laurence Fink said in a statement.
“Our recent closing of HPS will help us build even more with clients as we head into our seasonally strongest second half of the year. These are just the early days in our next phase of even stronger growth.”
Shares of BlackRock traded down 5.5% at about $1,050 on Tuesday morning.