BlackRock Inc. said its third-quarter net income fell 15% from a year earlier, to $217.7 million, or $1.62 a share, as a result of turmoil in the global markets.

The stock market's slump took a sizable bite out of assets, the asset manager said Tuesday. Excluding items deemed nonrecurring by its management team, BlackRock reported earnings of $2.20 a share. On average, analysts had expected BlackRock to report earnings of $1.96 a share on revenue of $1.35 billion, according to Thomson Reuters.

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