Blackrock Q3 profits beat estimates
Investment manager Blackrock third-quarter profits came in ahead of estimates on the back of an improving economy helped boost assets under management and fee income.
Blackrock Inc.
$1,036.06
11:10 07/11/24
0.61%
$6.24
BlackRock said on Wednesday that it had ended the quarter with $9.46trn in assets under management, up from $7.81trn at the same time a year ago.
Revenues rose 16% to $5.05bn, driven by growth in its technology services segment, which helped to offset a drop in performance fees in the period.
Long-term net flows for the quarter came to $98.0bn, flat year-on-year, while organic inflows exceeded its 5% target for the sixth quarter in a row.
Adjusted net income rose 19% to $1.69bn, or $10.95 per share.
As of 1345 BST, Blackrock shares were flat at $834.33 each.