BlackRock profit jumps 14%
The flow of new money helped push BlackRock’s third-quarter profit up 14 percent from the period a year earlier. The company said net income in quarter rose to $730 million, or $4.21 a share, from $642 million, or $3.66 cents a share, in the third quarter of 2012. The results were roughly in line with the expectations of analysts polled by Bloomberg News.
But BlackRock’s results were less impressive when compared with the second quarter of the year, as net income and revenue fell slightly. But the company attracted new money from its customers to a number of its product lines.