Asset management company BlackRock, Inc. (NYSE: BLK) announced financial results for the third quarter of 2023, reporting higher earnings and revenues.
Total revenue increased 5% year-over-year to $4.52 billion, reflecting organic growth and the impact of market movements over the past twelve months on average AUM and higher technology services revenue. Long-term net flows were (-) $13billion.
Third-quarter adjusted earnings increased to $10.91 per share from $9.55 per share in the comparable period of 2022. Unadjusted income was $1.60 billion or $10.66 per share, compared to $1.41 billion or $9.25 per share in the prior-year period.
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