BlackRock Inc. (BLK, Financial) reported a significant increase in its assets under management for the third quarter, reaching $11.48 trillion. This quarter, BlackRock completed the acquisition of Global Infrastructure Partners (GIP), adding $116 billion to its total assets under management and $70 billion to its fee-based assets.
The financial giant exceeded expectations with a quarterly profit of $1.63 billion, up 15% from the previous year. Total revenue rose to $5.2 billion, surpassing the predicted $5 billion and marking a 26% year-over-year growth. Earnings per share came in at $11.46, ahead of the anticipated $10.42, representing a 5% increase from last year. During this quarter, BlackRock repurchased $375 million worth of its shares.
BlackRock's Chairman and CEO, Laurence D. Fink, highlighted the firm's aggressive strategy, which is yielding positive results. The third quarter saw record levels in organic base fee growth and technology services annual contract value, with significant client and product growth.
Fink emphasized the firm's expansion in the private market sector, recognizing immense investment potential in infrastructure, particularly in supporting AI innovation. The collaborative strength with GIP is evident, showcasing the potential for substantial returns.
Following the earnings report, BlackRock's stock rose by 3.37%, hitting a record high. Year-to-date, the stock has increased by 18%, while the S&P 500 index grew by 21%. Over the past year, BlackRock's shares have surged 49%.
