BlackRock net income beats Wall Street target

BlackRock Inc. said Friday its fourth-quarter net income increased to $1.64 billion, or $10.63 a share, from $1.55 billion, or $10.02 a share, in the year-ago period. Adjusted net income rose to $10.42 a share from $10.18 a share. Revenue increased to $5.1 billion from $4.48 billion in the year-ago quarter. Analysts expected BlackRock to earn $10.16 a share on revenue of $5.16 billion, according to a FactSet survey. The money manager’s assets under management (AUM) rose 15% to $10.01 trillion. “BlackRock enters 2022 better positioned than ever – we remain confident in our ability to continue generating differentiated organic growth over the long-term and helping more and more people experience financial wellbeing,” CEO Laurence Fink said. Shares of BlackRock have dipped 5.4% so far in 2022, compared to a drop of 2.3% by the S&P 500.

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