Asset management company BlackRock, Inc. (NYSE: BLK) reported an increase in first-quarter profit, aided by a 7% growth in revenues. Earnings also beat the consensus estimates, while the top line fell short of expectations.
At $4.7 billion, first-quarter revenue was up 7% year-over-year. Experts were looking for faster growth. The top line benefitted from strong organic growth and a double-digit increase in technology services revenue, which was partially offset by lower performance fees.
Net income, excluding special items, was $9.52 per share, compared to $8.04 per share in the comparable period of last year. Unadjusted net income rose to $1.44 billion or $9.35 per share in the most recent quarter from $1.20 billion or $7.77 per share in the prior-year quarter. Total assets under management increased 6% to $9.57 trillion, while quarterly net inflows came in at $86.4 billion.
“As the world continues to face geopolitical and economic uncertainty, our investments over the years to build BlackRock’s all-weather platform position us well to advise our clients and help them pursue their long-term financial goals,” said Laurence Fink, chairman, and CEO of BlackRock.
Check this space to read management/analysts’ comments on BlackRock’s Q1 2022 results
Shares of BlackRock traded higher in the early minutes of Wednesday’s regular session following the earnings release, after closing the previous session lower.
Prior Performance
_________________________________________________________________________________________________________________
Stocks you may like:
_________________________________________________________________________________________________________________
Most Popular
Broadcom (AVGO) reports higher Q3 revenue and profit; results beat estimates
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) reported higher revenues and adjusted earnings for the third quarter of 2024 amid continued strong demand. The Q3 numbers also topped expectations. Earnings, excluding
Key takeaways from Hewlett Packard’s (HPE) Q3 2024 earnings report
Hewlett Packard Enterprise (NYSE: HPE) has delivered stronger-than-expected third-quarter results amid significant conversion in AI system revenues. The prospects for the company's AI server and edge computing businesses look promising
Hormel Foods (HRL): Factors that put a damper on the food company’s Q3 performance
Shares of Hormel Foods Corporation (NYSE: HRL) were up over 2% on Thursday. The stock is recovering from a fall it took a day ago after the company delivered mixed