UPDATE: BlackRock Q2 Profit Beats Street View

BlackRock

reported a better-than-expected second-quarter profit. BlackRock's quarterly profit rose to $808 million, or $4.72 per share, compared to $729 million, or $4.19 per share, in the year-ago period. Excluding certain items, BlackRock's earnings increased to $4.89 per share versus $4.15 per share. Its revenue jumped 12% to $2.78 billion. However, analysts were expecting earnings of $4.46 per share on revenue of $2.72 billion. BlackRock's total long-term net inflows came in at $38.02 billion in the period, while retail inflows came in at $13.13 billion. Its total assets under management rose 19% y/y to $4.59 trillion at the end of the period. The assets also climbed 4.4% versus the first quarter. Laurence D. Fink, Chairman and CEO of BlackRock said, “In the second quarter, we saw strong revenue growth driven by a combination of robust organic revenue gains and market tailwinds. Our results, with revenue up 12% and as adjusted EPS up 18% year-over-year, once again demonstrate the benefits of our diverse platform.” BlackRock shares gained 0.64% to $325.80 in pre-market trading.