The world’s largest asset management firm, BlackRock (NYSE:BLK) saw its stock price plummet as much as 7% on Tuesday after mixed results in its fiscal second quarter.
The selloff seemed a bit reactionary, given the decent numbers that BlackRock posted in Q2. Revenue was up 12.5% in the second quarter to $5.42 billion, but it came in a tad below estimates of $5.44 billion.
Net income jumped 7% to $1.59 billion, or $10.19 per share. On an adjusted basis, earnings surged 16% year-over-year to $12.05 per share, which easily beat estimates of $10.70 per share.
In addition, assets under management surged 18% to a record $12.5 trillion. That’s not including some $185 billion in assets under management from the acquisition of HPS Investment Partners, which closed on July 1.
