© Reuters. BlackRock’s (BLK) assets under management rose 11% annually in Q2
BlackRock (NYSE:) shares rose 1.4% in pre-open Friday after the company reported assets under management above what the analysts were expecting.
For its second quarter, BlackRock reported adjusted of $9.28 on revenue of $4.46 billion, which compares to Street’s expectations for earnings of $8.43 on revenue of $4.48B.
Assets under management (AUM) rose 11% year-over-year to $9.43 trillion, ahead of the consensus of $9.36T.
Net inflows fell 11% to $80.16B, missing the expected $86.85B consensus. Overall, revenue fell 1.4% YoY.
“Our platform-as-a-service strategy is designed to deliver better investment and technology outcomes, and is resonating with clients. BlackRock generated an industry-leading $190 billion of total net inflows in the first half of 2023, including $80 billion in the second quarter,” said Laurence Fink, chairman and CEO.
“Our strong investment performance and deep partnerships with clients have led to sustained organic growth, which when combined with improving market and currency movements has resulted in an $831 billion increase in BlackRock’s AUM since year-end 2022.”
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