BlackRock (BLK) Stock Gains After Topping Q3 Estimates
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Shares of BlackRock (NYSE: BLK) are trading nearly 2% higher in pre-open after the company reported better-than-expected Q3 earnings.
BlackRock reported Q3 EPS of $10.95 to top the analyst estimate of $9.78. Revenue for the quarter came in at $5.05 billion versus the consensus estimate of $4.88 billion.
“Clients continue to seek BlackRock’s insights and advice regarding their entire portfolios, reflecting the benefits of the investments we have made to better serve their evolving needs. BlackRock generated $98 billion of long-term net inflows in the third quarter, representing 9% annualized organic base fee growth and our 6th consecutive quarter in excess of our 5% target, once again demonstrating the strength of our diversified investment and technology platform,” Laurence D. Fink, Chairman and CEO, said.
Fink said that organic growth was “broad-based”, including all ETF product categories.
“Our long-term strategy remains centered on staying ahead of our clients’ needs and living our purpose of helping more and more people experience financial well-being. Whether through expanding investment choices, developing new retirement solutions, or enhancing our data analytics and technology capabilities, BlackRock remains committed to investing in high growth opportunities and industry-leading innovation,” CEO added.
Shares of the company closed at $836.19 yesterday.
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