BlackRock net income rises, beats analyst target


BlackRock Inc.

shares rose 0.2% in premarket trades Wednesday after the money management company said its first-quarter net income increased to $1.44 billion, or $9.35 a share, from $1.2 billion, or $7.77 a share in the year-ago period. Adjusted net income rose to $9.52 a share from $8.04 a share. Revenue increased to $4.7 billion from $4.4 billion. Wall Street analysts expected BlackRock to earn $8.70 a share on revenue of $4.67 billion, according to FactSet data. BlackRock said revenue growth was driven by “strong organic growth and 11% growth in technology services revenue, partially offset by lower performance fees.” The company repurchased $500 million in stock in the first quarter. Total net flows fell to $86.36 billion compared to $171.64 billion in the year-ago period and short of the Wall Street estimate of $115.8 billion. The company’s assets under management rose 6% to $9.57 trillion.

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