BlackRock released its financial results for 2024\u2019s Q2 on Monday. As a fiduciary to investors and a leading provider of financial technology, the company helps millions of people build savings that serve them throughout their lives by making investing easier and more affordable.
BlackRock BLK +0.67% saw a modest increase in premarket trading on Monday after the asset management giant announced its Fiscal Q2 2024 results. The company\u2019s earnings per share (EPS) were $10.36, beating the consensus estimate of $9.96. However, revenue fell short of expectations, reaching $4.81 billion compared to the anticipated $4.85 billion, though it marked an 8% increase year-over-year.
Assets under management (AUM) hit $10.65 trillion, up 13% year-over-year but slightly below the projected $10.73 trillion. Net inflows were $81.57 billion, reflecting a 1.8% increase from the previous year but missing the estimate of $101.24 billion.
The company\u2019s adjusted operating margin improved to 44.1%, exceeding both last year\u2019s 42.5% and the estimated 42.7%. Equity net inflows were $6.44 billion, significantly lower than the forecasted $31.85 billion.
BlackRock reported a profit of $1.495 billion, or $9.99 per share, for the second quarter, up from $1.366 billion, or $9.06 per share, in the same period last year.
Excluding items, adjusted earnings were $1.550 billion, or $10.36 per share for the quarter, beating analysts\u2019 expectations of $9.95 per share. The company\u2019s revenue for the quarter rose 7.7% to $4.805 billion from $4.463 billion last year.
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