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Investing.com -- BlackRock (NYSE:BLK) reported second-quarter earnings, revenue, and assets under management (AUM) that exceeded analyst expectations, sending its shares nearly 2% higher in premarket trading Tuesday.
The world’s largest asset manager posted earnings per share (EPS) of $12.05, topping the consensus estimate of $10.60.
Revenue rose 13% year-over-year to $5.42 billion, slightly ahead of expectations of $5.41 billion, driven by favorable markets, organic base fee growth, and contributions from the GIP transaction, along with higher technology services and subscription revenue. These were partly offset by lower performance fees.
AUM reached $12.53 trillion, topping the $12.31 trillion consensus.
Net inflows came in at $67.74 billion, missing the forecast of $84.72 billion. Long-term inflows totaled $45.79 billion, below the $61.35 billion estimate.
The quarter saw $41.03 billion in institutional net outflows, while retail net inflows were $1.96 billion. Equity net inflows stood out at $28.78 billion, well above the expected $3.78 billion.
The firm’s adjusted operating margin was 43.3%, down from 44.1% a year earlier and below the 44.6% consensus.