BlackRock Inc (NYSE:BLK)., the New York-based global investment management corporation, reported a significant growth in its third-quarter earnings per share (EPS), surpassing both last year's Generally Accepted Accounting Principles (GAAP) figures and analyst estimates. The company's Q3 results were announced on Friday.
The firm reported a net income of $1.6 billion or $10.66 per share for the third quarter. After adjusting for amortization and merger-related expenses, earnings rose to $10.91 per share. This performance significantly exceeded the estimated average of $8.26 EPS predicted by Thomson Reuters (NYSE:TRI)' analysts and the previous year's $1.41 billion ($9.25 EPS).
Despite this strong earnings performance, BlackRock's Q3 revenue of $4.52 billion fell slightly short of the anticipated $4.55 billion estimate by five analysts. This revenue figure represents a 4.9% increase from last year's $4.31 billion.
Even though BlackRock's shares have seen a 10% fall since the beginning of the year, the company's stock has surged 20% over the past year, outperforming the S&P 500 index's rise of 13%.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.