BlackRock, the world’s largest asset manager, announced its first-quarter earnings on Friday. The company reported a 15% increase in assets under management to reach a record high of $10.5 trillion. This growth was attributed to significant net inflows of client cash and a strong market performance.
In addition to the increase in assets under management, BlackRock’s revenue also rose by 11% to $4.7 billion. This led to an 18% increase in operating income to $1.7 billion. To further reward investors, BlackRock implemented several strategic measures, including buying back $375 million worth of stock and increasing the quarterly dividend by 2%. These actions were well-received by investors, with BlackRock shares rising as much as 3% in premarket trading to around $807.
CEO Larry Fink expressed optimism about the company’s performance, noting that BlackRock’s momentum continued to grow and that first-quarter results were already nearly 40% of the full year’s net inflows for 2023. Despite concerns that the large net inflow of $76 billion in the first quarter may be unsustainable, Fink remains confident that BlackRock’s strong performance will continue in the foreseeable future.
Overall, it seems that BlackRock is performing exceptionally well and has shown no signs of slowing down yet.
