BlackRock Inc (NYSE:BLK) shares edged higher on Friday morning after the global investment manager reported mixed financial results for the first quarter.
The company’s assets under management (AUM) reached an all-time high of $11.58 trillion, up 11% year-over-year, driven by $84.17 billion in inflows.
Earnings per share increased 15% from the same period last year to $11.30, ahead of estimates of $10.14.
Revenue of $5.28 billion marked a 12% jump from the year-ago quarter but missed estimates of $5.34 billion.
Laurence Fink, BlackRock CEO, highlighted that client conversations are dominated by "uncertainty and anxiety" about the economy and markets, citing parallels to previous periods of structural shifts such as the financial crisis and COVID-19 pandemic.
“We always stayed connected with clients, and some of BlackRock’s biggest leaps in growth followed,” Fink said.
“We’ve intentionally shaped our platform to serve clients in all market environments, building a premier global public-private markets investment and technology firm.”
Shares of BlackRock added 0.5% at about $863 post-earnings.