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BlackRock (NYSE:BLK) Q2 earnings and revenue climbed past Wall Street expectations as market gains increased its average assets under management and organic base fees grew, the asset manager said on Monday.
“Organic growth was driven by private markets, retail active fixed income, and surging flows into our ETFs, which had their best start to a year on record,” said Chairman and CEO Laurence D. Fink.
The company is also poised to grow inorganically, as it has agreed to acquire Preqin, a U.K.-based provider of private markets data, for £2.55B (~$3.2B), it announced late last month.
Q2 long-term quarterly net inflows of $51B compared with inflows of $76B in the previous quarter.
Q2 adjusted EPS of $10.36, beating the $9.96 consensus, rose from $9.81 in Q1 2024 and $9.28 in Q2 2023.
Revenue of $4.81B, topping the average analyst estimate of $4.78B, increased from $4.73B in the prior quarter and $4.46B a year ago. The year-over-year growth was driven by the positive impact of markets on average AUM, organic base fee growth, and higher performance fees and technology services revenue.
Total investment advisory, administration fees, and securities lending revenue of $3.88B rose from $3.78B in Q1 and $3.61B in Q2 2023.
Technology services revenue of $395M compared with $377M in the previous quarter and $359M a year earlier.
Assets under management rose/slipped to $10.65T from $10.47T at the end of Q1.
Q2 total expenses were $3.01B, down from $3.04B in Q1 and up from $2.85B in Q2 2023.
BlackRock (BLK) stock rose 0.8% in premarket trading.
Conference call at 7:30 AM ET.
Earlier, BlackRock non-GAAP EPS of $10.36 beats by $0.40, revenue of $4.81B beats by $30M