BlackRock Inc. (NYSE:BLK) stock rose in Wednesday’s premarket trading after the world’s largest asset manager reported second-quarter results that beat Wall Street expectations on stronger asset growth, record inflows and higher fee revenue.
Earnings Beat Estimates
Second-quarter revenue increased 31% year over year to $7.08 billion, topping the analyst consensus estimate of $6.70 billion.
Adjusted operating income climbed 39% to $2.92 billion. Adjusted operating margin expanded to 45.9% from 43.3% a year earlier, marking the company’s highest margin in nearly five years.
Adjusted earnings came in at $13.91 per share, ahead of the consensus estimate of $12.60.
