Tuesday, May 30, 2023

BlackRock profit beats estimates as assets reach $9.49 trillion By Reuters


© Reuters. FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid


(Reuters) -BlackRock Inc, the world’s largest asset manager, reported a 28% jump in second-quarter profit on Wednesday that handily beat estimates as investors poured more money into the company’s funds, boosting its assets under management to new highs.

The company’s adjusted net income rose to $1.55 billion, or $10.03 per share, in the three months ended June 30, from $1.21 billion, or $7.85 per share, a year earlier.

Analysts on average had expected a profit of $9.46 per share, according to IBES data from Refinitiv.

Net inflows stood at $81 billion, driven by higher investments in BlackRock (NYSE:)’s various funds, including its exchange-traded funds.

BlackRock’s bumper quarter saw its assets under management grow to a record $9.49 trillion from $7.32 trillion in the same quarter last year.

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