Shares of BlackRock Edge Higher After Profit and Revenue Top Forecasts
Shares of BlackRock Inc. advanced in premarket trading session on Wednesday after the world’s largest asset manager announced better-than-expected third-quarter results.
BlackRock’s shares jumped 0.75 percent to trade at $469.00 after the investment management company reported net income of $947 million, or $5.78 a share, up from 875 million, or $5.26 a share, in the same period a year ago.
Excluding one-time items, BlackRock said it earned $5.92 per share, which easily beat analysts’ forecast calling for adjusted earnings per share of $5.57. Revenue climbed 14% to $3.23 billion, also crashing expectations for revenue of $3.07 billion.
Besides profit and revenue that beat forecasts, the company reported total assets under management rose 17 percent to nearly $6 trillion with net inflow of $96 billion which topped the expected figure of $71.62 billion.
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