Connect with us

Hi, what are you looking for?

Stock

BlackRock profit beats estimates as assets soar to record $9.49 trillion

Stock Markets8 minutes ago (Jul 14, 2021 07:02AM ET)

2/2
(C) Reuters. FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid

2/2

(Reuters) -BlackRock Inc, the world’s largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company’s funds, boosting its assets under management to new highs.

BlackRock (NYSE:BLK)’s assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier.

Revenue from investment advisory and administration fees, which makes up for the bulk of BlackRock’s total revenue, stood at $3.62 billion, driven primarily by record levels of global dealmaking.

The U.S. economy displayed signs of a recovery over the past quarter, helped by large government stimulus and steady vaccination programs, while capital markets saw record levels of activity.

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

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.

Revenue rose 32% to $4.82 billion, helped by higher performance fees and 14% growth in revenue from technology services.

BlackRock profit beats estimates as assets soar to record $9.49 trillion

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock

Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...

Tech

Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...

Stock

(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved