BlackRock (NYSE: BLK) shares advanced more than 4% intraday Tuesday after the asset management giant reported first-quarter earnings and revenue that exceeded Wall Street expectations.
The firm posted adjusted earnings per share of $12.53, surpassing analyst estimates of $11.48, while revenue totaled $6.7 billion compared with the consensus forecast of $6.43 billion.
Assets under management increased 27% year over year to $13.89 trillion, broadly in line with analyst expectations of $13.92 trillion. The company recorded total net inflows of $130 billion during the quarter, driven by a record first-quarter performance in its iShares ETF franchise, alongside gains in both active and private markets strategies.
Adjusted operating income rose 31% year over year to $2.67 billion, while the adjusted operating margin expanded to 44.5% from 43.2% in the prior-year period.
Technology services and subscription revenue climbed 22% year over year, supported by continued strength in the Aladdin investment management platform and contributions from the Preqin acquisition.
