Asset management company BlackRock, Inc. (NYSE: BLK) on Friday reported higher revenues and adjusted profit for the third quarter of 2024, which also came in above Wall Street’s projections.
Third-quarter adjusted earnings increased to $11.46 per share from $10.91 per share in the comparable period of 2023, exceeding estimates. On an unadjusted basis, net income attributable to shareholders was $1.63 billion or $10.90 per share in Q3, compared to $1.60 billion or $10.66 per share in the prior year period.
Total revenue increased 15% year-over-year to $5.20 billion in the September quarter. The top line benefitted from the positive impact of markets on average AUM, organic base fee growth, and higher performance fees. Long-term assets under management were $10.63 trillion.
“We are effectively leveraging our technology, scale, and global footprint to deliver profitable growth. Quarterly revenue and operating income both set new records, up 15% and 26% year-over-year, respectively,” said Blackrock’s CEO Laurence Fink.