Investing.com - Shares in BlackRock moved lower in premarket trade Wednesday after fourth-quarter revenue and earnings missed analysts’ estimates with the company citing headwinds to the industry.
The company reported adjusted earnings per share of $6.08, well below expectations for $6.41.
Revenue came in at $3.43 billion, missing consensus of $3.46 billion.
Although full year revenue grew by 4%, the company noted that growth in base fees and technology services revenue was partially offset by lower performance fees.
“BlackRock is well positioned to deliver the holistic portfolio solutions, technology services and strategic counsel that clients increasingly are seeking, especially in the face of meaningful headwinds for the asset management industry,” Chairman and Chief Executive Laurence Fink said in the earnings release.
At 6:34 AM ET (11:34 GMT), shares in Blackrock (NYSE:BLK) fell 0.80% to $397.49 in premarket trade.
For the year, BlackRock shares are up 2.01%, under-performing the S&P 500 which is up 4.13% year to date.
BlackRock follows other major Financial sector earnings this month
On Tuesday, JPMorgan reported fourth quarter EPS of $1.98 on revenue of $26.8 billion, compared to forecasts of EPS of $2.2 on revenue of $26.9 billion.
UnitedHealth earnings beat analyst's expectations on Tuesday, with fourth quarter EPS of $3.28 on revenue of $58.42 billion. Investing.com analysts expected EPS of $3.21 on revenue of $57.93 billion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar