BlackRock Inc (NYSE:BLK) Friday announced second-quarter 2023 adjusted earnings per share of $9.28, a 28% increase from a year earlier and above the forecast of $8.41 from analysts polled by Bloomberg.
The company’s overall revenue for the period fell 1% to $4.46 billion, missing the $4.48 billion consensus, even as rising inflows lifted assets under management at the world’s largest money manager to $9.4 trillion, the Financial Times reported.
The media outlet also noted that BlackRock’s assets under management have not completely recovered from last year’s sharp fall in equity and bond markets, although its recent cost-cutting efforts have enabled the company to boost its adjusted operating margin to 42%.
As well, BlackRock reported that revenues from its Aladdin risk management system and other technology services during 2Q increased 8% to a better-than-expected $359 million.
“They have built a better mousetrap in terms of having better technology and options across all asset classes,” Edward Jones equity analyst Kyle Sanders told the Financial Times.
“Most asset managers are shrinking and BlackRock has been growing.”
Contact Sean at sean@proactiveinvestors.com