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Despite being labeled as the "Amazon.com of ETFs" for offering investors a plethora of funds, BlackRock, Inc. (NYSE:BLK) is still falling short of analyst expectation -- and the stock is suffering as a result.
Shares of BlackRock lost nearly 3 percent Monday morning after the company saw $74 billion in exchange-traded fund flows during the second quarter, Bloomberg reported. While this seems like a large number, BlackRock's total revenue of $2.97 billion fell short of the $3.01 billion analysts were expecting.
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BlackRock also earned $5.22 per share in the second quarter, also short of the $5.39 per share analysts were modeling.
BlackRock's ETF business is akin to Amazon's business model, Bloomberg explained. Gain a notable first mover advantage and expand into new ETF categories as quickly as possible -- and attract as much money as possible. However, the average ETF fee is now 33 cents per $100 invested, which is down from 40 cents per $100 invested in 2009, Bloomberg highlighted.
Meanwhile, BlackRock's other businesses may be showing some signs of concern. Specifically, two long-only funds that failed to beat their benchmarks. BlackRock also suffered from weaker securities lending revenue and less M&A activity.
In fact, BlackRock's revenue has now fallen short of expectations for four straight quarters even though assets under management rose 5 percent last quarter to $5.7 trillion.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.