Key Takeaways
- BlackRock topped profit estimates for the first quarter on Friday, while revenue fell just short.
- The investment giant also set a new record for assets under management at $11.58 trillion.
- “Uncertainty and anxiety” about the economy and stock market is “dominating” talks with BlackRock clients, CEO Larry Fink said.
BlackRock (BLK) reported better-than-expected first-quarter adjusted profit as the investment giant reported another assets under management (AUM) record.
The company reported adjusted earnings per share (EPS) of $11.30, well above the $10.13 analysts had expected, while revenue fell just short of Visible Alpha estimates at $5.28 billion.
At the end of the first quarter, BlackRock had a record $11.58 trillion in AUM, up 11% year-over-year.
“Uncertainty and anxiety about the future of markets and the economy are dominating client conversations,” BlackRock CEO Larry Fink said. “We’ve seen periods like this before when there were large, structural shifts in policy and markets—like the financial crisis, COVID, and surging inflation in 2022. We always stayed connected with clients, and some of BlackRock’s biggest leaps in growth followed.”
Fink said Monday that the Trump administration’s tariffs could stoke inflation, adding that most CEOs he has spoken with believe the U.S. is “probably in a recession right now.”
BlackRock shares were up 1.4% less than an hour before the opening bell Friday. They entered the day down 16% since the start of the year.
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