BlackRock earnings top Wall Street forecasts

BlackRock's (BLK) third-quarter financial results topped Wall Street forecasts Wednesday, even as the world's largest money manager reported its profits fell 8% from the same period last year.

The New York-based company said net income totaled $843 million, or $5 per share, down from $917 million and $5.37 per share during the July-September period of 2014.

However the results surpassed the $4.60 per share consensus estimates of financial analysts surveyed by Thomson Reuters.

BlackRock also said third-quarter revenue rose 2% to $2.91 billion. The outcome similarly topped the $2.821 billion estimate in the Thomson Reuters survey.

The company reported $50 billion of total net inflows during the third quarter, including $35 billion of long-term net inflows as retail and institutional clients added money. Global retail business accounted for $7 billion of net inflows, while institutional clients had net inflows of $5 billion, BlackRock reported.

"Clients seeking long-term investment solutions, strong risk management and durable alpha generation turned to BlackRock amidst challenging market conditions," Laurence Fink, the company's chairman and CEO, said in a statement issued with the earnings results.

BlackRock shares, down nearly 12% for the year before the new earnings results, were up 1.23% at $319 before U.S. financial markets opened.