BlackRock just announced quarterly adjusted earnings of $3.10 per share, which is up from $3.00 a year ago.
Analysts were looking for $3.01 per share.
Adjusted net income actually fell 3 per cent year-over-year, which means all of the EPS growth is due to the over 6 million shares that were repurchased during the period.
Assets under management fell 3 per cent to $3.56 trillion.
Shrinking advisory and performance fees caused revenue to fall 5 per cent to $2.22 billion.
“As we look toward the second half of the year, I want to acknowledge the tireless efforts of the entire BlackRock team and the great work they do to serve their clients and deliver value for our shareholders,” said CEO Larry Fink. “While we remain cautious around the prospects for the global economy, we are confident that the model we have built will continue to serve our clients and shareholders and deliver attractive long-term returns.”