Asset management company BlackRock, Inc. (NYSE: BLK) on Monday reported a double-digit increase in adjusted profit for the second quarter of 2024, aided by an 8% increase in revenues.
Second-quarter adjusted earnings increased to $10.36 per share from $9.28 per share in the comparable period of 2023. On an unadjusted basis, net income attributable to shareholders was $1.50 billion or $9.99 per share in Q2, compared to $1.37 billion or $9.06 per share in the prior year period.
Total revenue increased 8% year-over-year to $4.81 billion in the June quarter. The top line benefitted from the positive impact of markets on average AUM, organic base fee growth, and higher performance fees and technology services revenue.
“BlackRock is executing on the broadest opportunity set we’ve seen in years, including in private markets, Aladdin, and whole portfolio solutions across both ETFs and active. At the same time, we are opening up meaningful new growth markets for our clients and shareholders with our planned acquisitions of Global Infrastructure Partners and Preqin,” said CEO Laurence Fink.
