BlackRock (NYSE:BLK) shares moved higher on Tuesday after the asset management giant reported first-quarter results that exceeded Wall Street forecasts.
The stock was up დაახლოებით 2.8% in premarket trading as of 06:16 ET.
The company posted adjusted earnings per share of $12.53, well above the analyst estimate of $11.48. Revenue came in at $6.7 billion, surpassing the consensus forecast of $6.43 billion.
Assets under management increased 27% year-over-year to $13.89 trillion, broadly matching expectations of $13.92 trillion. BlackRock recorded $130 billion in total net inflows during the quarter, supported by a record first quarter for its iShares ETF division, along with continued strength in active and private market strategies.
“BlackRock delivered one of the strongest starts to a year in our history,” said Laurence Fink, Chairman and CEO.
“Our results tell more than one quarter’s story. They reflect a business with accelerating momentum, deep client engagement, and a platform built to compound across market environments. Over the last twelve months, clients entrusted BlackRock with $744 billion of net new assets, powering 10% organic base fee growth,” he added.
Adjusted operating income rose 31% from a year earlier to $2.67 billion, while the adjusted operating margin improved to 44.5% from 43.2%.
The company also reported a 22% increase in technology services and subscription revenue, driven by ongoing growth in its Aladdin investment management platform and contributions from its Preqin acquisition.