The Zhitong Finance App learned that on Wednesday, BlackRock (BLK.US) opened up nearly 7% and is now reporting $1096.08. According to the news, the company reported second-quarter results that surpassed expectations, mainly due to record capital inflows and strong endogenous growth on its platform. Earnings per share were $13.91, far higher than analysts' forecast of $12.57; revenue of $7.08 billion was higher than the general market estimate of $6.72 billion. Revenue increased 31% year over year. BlackRock said this increase reflects a favorable market environment, increased endogenous basic expenses, revenue from HPS transactions, higher performance fees, and increased revenue from technical services and subscriptions.
Driven by a net inflow of US$868 billion over the past 12 months and a 10% increase in organic basic expenses, the company's assets under management reached US$15.3 trillion, an increase of 22% over the previous year. According to the company's report, net capital inflows in the first half of the year set a record of 321 billion US dollars, of which inflows in the second quarter alone were 19.2 billion US dollars, and growth was achieved in various fields such as ETFs, private equity markets, active fixed income, and systemic stock strategies.
BlackRock Chairman and CEO Larry Fink said, “The market fundamentals are strong and well supported, and new technology is driving higher profit margins and profit growth momentum.” “Our momentum is accelerating, and I've never been more optimistic about future growth,” he added.