Skip to main content
Publish date:

BlackRock Posts Profit-and-Revenue Beat; AUM Up 21% to $9.46T

BlackRock topped analysts' third-quarter earnings and revenue expectations as assets under management surged.
Author:

Shares of BlackRock  (BLK) - Get BlackRock, Inc. Report were higher after the asset manager reported third-quarter profit and revenue ahead of analyst expectations and assets under management up 21% from a year earlier.

The New York firm reported earnings of $1.7 billion, or $10.95 a share, as revenue rose 16% to $5.05 billion. 

Analysts surveyed by FactSet were expecting earnings of $9.39 a share on revenue of $4.82 billion. 

Assets under management jumped 21% to $9.46 trillion at Sept. 30 from $7.81 trillion a year earlier.

TheStreet Recommends

Shares of BlackRock at last check were 1.5% higher at $848.80. 

The firm reported $98 billion in long-term net inflows, driven by momentum in exchange-traded funds and active investment strategies.

BlackRock's operating profit rose 10% year over year. The figure was hurt by high transaction-related expenses and fund-launch costs in the quarter. 

In September, BlackRock took heat from investor George Soros, who criticized the firm's business in China. In a Wall Street Journal op-ed piece, Soros called the move into China a "tragic mistake." 

BlackRock told CNBC in response that its clients "around the world — including many U.S. clients — seek a broad range of investments, including in China, to achieve their retirement and other financial objectives."