- BlackRock released its first quarter earnings on Tuesday.
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BlackRock bounced back in the first quarter with assets picking up after a volatile end to 2018.
Assets increased to $6.52 trillion, up 3% year-over-year. That beat analysts’ expectations of $6.38 trillion in assets.
Here are the rest of the key numbers:
- Revenue: $3.35 billion, just slightly over analysts’ expectations of $3.34 billion and down 7% year-on-year
- Net income: $1.05 billion, over analysts’ predictions of $965.25 million and down 3% year-on-year
- Adjusted earnings per share: $6.61, beating expectations of $6.13
- Total net flows: $59 billion
- iShares: $30.7 billion
- Institutional: $29.1 billion
BlackRock continued to see strong growth in its technology business, a key long-term focus as the firm seeks to differentiate itself from other asset managers. Aladdin, the investment management platform, grew revenue 11% year-on-year. Technology as a whole added $204 million in first quarter revenue, or 6% of the firm’s total revenue.
Last quarter, BlackRock said it would buy an alternatives technology platform to complement Aladdin’s capabilities in a $1.3 billion deal.
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