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
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%
