BlackRock Inc (NYSE: BLK) on Wednesday reported quarterly earnings that missed analysts’ expectations due to the financial market turmoil, however, investors celebrated the Company’s strong sales of relatively low-fee funds, as per Reuters.

Earnings for the Company fell nearly 60% to USD 927 Million over the past year. On an adjusted basis, earnings per share were USD 6.08, falling short of analyst expectations of USD 6.27 per share. BlackRock also sold USD 43.6 Billion in stock, bond and other “long-term” investment funds, more than USD 10.6 Billion sold the quarter prior. Weaker investment performance and BlackRock’s own price cuts have caused significant damages for the Company. BlackRock collects fees a percentage of assets under management, which are now just under USD 6 Trillion.

BlackRock sliced expenses, but not as fast as its revenues fell. The Company will dismiss about 500 employees (about 3% of its global workforce) in the weeks ahead, according to an internal memo viewed by CNBC last week. The cuts are a part of a company-wide effort to “reallocate resources to our most critical growth opportunities,” BlackRock President Rob Kapito said in the memo.

BlackRock’s Chief Executive Officer Larry Fink told Reuters he did not expect additional “restructuring” or to make a significant asset management deal to boost growth, though he did suggest BlackRock could buy a technology company.

“As our industry undergoes an era of significant change, we can continue to outperform by building our business in high-growth markets and using our advantages in technology and portfolio construction to lead change in the industry,” Kapito said in the memo. “But executing on this strategy requires that we move decisively to refocus resources where the impact will be greatest. It also requires that we operate as efficiently as possible and are organized for success. Sometimes this requires difficult decisions.”