UPDATE: BlackRock Q4 Net Profit Surges 22%

BlackRock

reported a 22% gain in its fourth-quarter net income. BlackRock's quarterly net profit jumped to $841 million, or $4.86 per share, versus $690 million, or $3.93 per share, in the year-ago period. Excluding one-time items, it earned $4.92 per share. Its revenue gained 9% to $2.78 billion. However, analysts were expecting a profit of $4.33 per share on revenue of $2.69 billion. BlackRock lifted the quarterly dividend to $1.93 per share. BlackRock shares gained 3.37% to $321.00 in pre-market trading.