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Investment management company BlackRock's latest quarterly profit came in lower than expectations Wednesday, driven down by a non-operating loss and hit by the "hostile" markets last year, the company said in a statement.
Earnings in the fourth quarter were 68 cents per share, excluding one-time items, compared with expectations of 99 cents per share by analysts surveyed by ThomsonReuters.
Fourth-quarter revenue fell 26 percent to $1.06 billion, versus expectations of $1.13 billion.
BlackRock [BLK
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] used its balance sheet to co-invest capital alongside its clients in long-term alternative products including real estate, distressed products, hedge funds and private equity, it said in a statement.
"The hostile markets in 2008 have affected the mark-to-market value of our clients' and BlackRock's investments, which are not deemed to be 'Held-to-Maturity,'" the statement said.
Net income for the year was $786 million, or $5.91 per diluted share, a decrease of 21 percent compared to 2007, on revenue of $5.06 billion.
ThomsonReuters analysts had expected $6.72 profit share on revenue of $5.1 billion.
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