BlackRock (BLK), the world’s largest money manager, reported third-quarter earnings per share of $10.91, surpassing Wall Street analysts’ expectations of $8.34. This marked an increase from $9.55 in the same period last year, demonstrating the company’s continued growth. Operating income also experienced a 7% rise compared to the previous year.
Despite the positive financial results, BlackRock’s shares saw a 1% decrease in premarket trading, bringing its total decline for the year to 10%. However, the company remains resilient in navigating the evolving landscape for investors.
BlackRock has successfully guided its customers through a rapidly changing environment, including the Federal Reserve’s aggressive interest rate hikes and a stagnant stock market. Meanwhile, bond yields have been on a sharp rise.
The company reported net inflows of $3 billion for the quarter. Net outflows were primarily driven by lower-fee index equity strategies and a withdrawal of $19 billion from a single international client. Nevertheless, BlackRock’s assets under management have increased by an impressive $1.1 trillion since last year.