BlackRock shares reached unprecedented levels on Friday following the investment firm's Q3 report, which significantly exceeded financial expectations and set records for assets and inflows. BlackRock showed third-quarter adjusted earnings per share (EPS) of $11.46. Its revenue surged by 14.9% year-on-year to reach $5.20 billion, surpassing Visible Alpha analysts' forecasts of $10.38 EPS and $5.02 billion, respectively.
The firm's assets under management (AUM) saw an increase of $2.4 trillion, reaching a total of $11.5 trillion. Additionally, its net inflows stood at a record $221 billion.
The impressive revenue growth was attributed to the positive impact of markets on average AUM, organically grown base fees, and higher performance fees.
Larry Fink, the CEO of BlackRock, commented on the firm's strategy, stating, "Our strategy is ambitious, and our strategy is working." He emphasized that the firm was providing access to the infrastructure's immense investment potential, particularly in the field of AI innovation. Fink added, "the opportunities ahead of us have never been greater."
BlackRock shares have recently risen 3% to $983.28, after earlier touching a record $995.99. The shares have experienced a more than 20% increase year-to-date.