BlackRock (BLK) tops Q1 consensus estimates

BlackRock (NYSE: BLK) shares are up over 2% premarket on the back of its latest quarterly results which topped consensus expectations.

The investment company reported Q1 EPS of $9.81, $0.47 better than the analyst estimate of $9.34. Revenue for the quarter came in at $4.73 billion, up 11% YoY and above the consensus estimate of $4.64 billion.

BlackRock reported $76 billion of quarterly long-term net inflows and $57 billion of quarterly total net inflows, reflecting the continued strength of its platform with the company noting "positive flows across asset classes and client type."

There is now a record $10.5 trillion in assets under management, up $1.4 trillion year-over-year, driven by consistent organic growth and positive market movements.

"BlackRock’s momentum continues to build, with accelerating client activity and line of sight into the funding of significant wealth, institutional, and Aladdin mandates," said Laurence Fink, BlackRock's Chairman and CEO. "With markets full of complexity and opportunity, clients are increasingly coming to BlackRock for insights and advice. We see significant growth potential in infrastructure, technology, retirement and whole portfolio solutions, with a strong pipeline that has some of the best breadth that we’ve ever seen."

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