BlackRock (BLK) Shows Record AUM Growth

BlackRock, Inc. (NYSE: BLK) has reported its first-quarter 2024 financial results, showcasing significant growth and positive trends across various metrics.

The company's Assets Under Management (AUM) reached a record $10.5 trillion, marking a substantial increase of $1.4 trillion year-over-year. Long-term net inflows for the quarter amounted to $76 billion, reflecting a continued strength in BlackRock's platform with positive flows across asset classes and client types. Additionally, total net inflows for the quarter totaled $57 billion, despite seasonal outflows from cash management.

The reported revenue for the first quarter of 2024 amounted to $4.7 billion, representing an 11% increase compared to the same period in 2023. Operating income saw a significant 18% increase year-over-year, reaching $1.7 billion. The diluted earnings per share (EPS) for the first quarter of 2024 stood at $10.48, demonstrating a substantial 37% increase from the previous year.

In terms of AUM, BlackRock witnessed a 15% increase year-over-year, reaching $10,472.5 billion. Additionally, average AUM saw a 14% increase, amounting to $10,177.17 billion.

Furthermore, the company's net income attributable to BlackRock, Inc. saw a remarkable 36% increase, reaching $1.573 billion, while the adjusted diluted EPS for the quarter amounted to $9.81, marking a 24% increase from the same period in 2023.

BlackRock's strong financial performance was also evident in its operating margin, which stood at 35.8%, reflecting an improvement from the previous year's 33.9%.

These financial results reflect BlackRock's accelerating client activity, sustained asset and technology services growth, and the company's ability to deliver sustained asset and technology services growth at scale. The double-digit increase in technology services revenue, 180 basis points of margin expansion, and 24% growth in adjusted EPS year-over-year further underline the company's robust performance in the first quarter of 2024. The market has reacted to these announcements by moving the company's shares -2.7% to a price of $764.81. For the full picture, make sure to review BlackRock's 8-K report.

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