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BlackRock Starts Strong In 2024 With Q1 AUM & Fees Surge, Stock Gains
Investment giant BlackRock, Inc. (NYSE:BLK) shares are trading higher after the company reported first-quarter FY24 results.
Revenue growth of 11% Y/Y to $4.728 billion, beating the consensus of $4.676 billion.
Investment advisory, administration fees, and securities lending revenues increased to $3.78 billion from $3.50 billion a year ago, led by market beta on average AUM, positive organic base fee growth, and the impact of one additional day.
Technology services revenue increased to $377 million from $340 million the prior year, reflecting continued demand for Aladdin technology offerings.
BLK stated that the net inflow stood at $57 billion in the quarter. Adjusted operating income rose 17% Y/Y ...