Investment giant BlackRock, Inc. (NYSE:BLK) shares are trading higher after the company reported third-quarter results.
Revenue growth of 15% Y/Y to $5.197 billion, beating the consensus of $5.007 billion. Investment advisory, administration fees, and securities lending revenues increased to $4.030 billion from $3.681 billion a year ago, led by positive organic base fee growth and the impact of market beta on average AUM.
Technology services revenue decreased to $403 million from $407 million the prior year, primarily due to the impact of several large client renewals of eFront “on-premises” licenses.
BlackRock stated that the net inflow stood at $221 billion in the quarter, resulting in a 5% organic base fee growth. Adjusted operating income rose 26% Y/Y to $2.13 billion, with the ...
