Asset management company BlackRock, Inc. (NYSE: BLK) reported an increase in revenues and adjusted profit for the fourth quarter of 2023.
Total revenue increased 7% year-over-year to $4.63 billion in the December quarter. Clients entrusted total net inflows of $96 billion with the company in the fourth quarter and $289 billion in the whole of fiscal 2023.
Fourth-quarter adjusted earnings increased to $9.66 per share from $8.93 per share in the comparable period of 2022. On an unadjusted basis, net income attributable to shareholders was $1.38 billion or $9.15 per share in Q4, compared to $1.26 billion or $8.29 per share in the prior-year period.
“BlackRock delivered differentiated organic growth and operating margin through historically challenging market and industry conditions in 2022 and 2023. As we’ve seen before, when investors were ready to put money back to work, they did it with BlackRock,” said CEO Laurence Fink.