:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2177157887-6e070b7d35364fcfa018a09661b7f183.jpg "The Blackrock headquarters in New York on Oct. 11, 2024")
Michael Nagle / Bloomberg via Getty Images
Key Takeaways
- BlackRock dispensations touched a new all-time high Friday after the investment firm beat third-quarter profit and revenue estimates and set lists for assets and inflows.
- CEO Larry Fink said the firm’s “strategy is working.”
- Fink added that BlackRock is yield infrastructure investments, especially for artificial intelligence innovation.
Shares of BlackRock (BLK) hit an all-time high Friday after the investment proprietorship easily topped financial estimates and posted records for assets and inflows.
The company reported third-quarter adjusted earnings per serving (EPS) of $11.46, with revenue increasing 14.9% year-over-year to $5.20 billion. Analysts surveyed by Visible Alpha were looking for $10.38 and $5.02 billion, each to each.
BlackRock’s assets under management (AUM) rose $2.4 trillion to $11.5 trillion, and net inflows came in at $221 billion, both all-time highs.
The group explained that the big jump in revenue came from “the positive impact of markets on average AUM, organic base fee progress, and higher performance fees.”
CEO Says ‘Our Strategy Is Ambitious, and Our Strategy Is Working’
Chief Executive Officer CEO Larry Fink contemplated, “Our strategy is ambitious, and our strategy is working.” He noted that the firm was driving “access to the enormous investment potential of infrastructure, particularly to support AI innovation.” Fink added that “the opportunities ahead of us have never been greater.”
BlackRock interests recently rose 3% to $983.28 after earlier touching a record $995.99. They are up more than 20% year-to-date.
TradingView
Announce the original article on Investopedia.