BLK stock was up on Wednesday despite the most recent Blackrock earnings report missing estimates.
Blackrock (NYSE:BLK) reported earnings per share of $6.08 for the fourth quarter of 2018. This is a drop from the company’s earnings per share of $6.19 from the same period of the year prior. It also wasn’t able to reach Wall Street’s earnings per share estimate of $6.48 for the quarter, but that didn’t keep BLK stock down today.
Blackrock earnings for the fourth quarter of the year also include net income of $927 million. This is down from the company’s net income of $2.30 billion that was reported in the fourth quarter of 2017.
Operating income reported in the Blackrock earnings report for the fourth quarter of 2018 came in at $1.25 billion. The investment management company reported operating income of $1.49 billion during the same time last year.
The Blackrock earnings report for the fourth quarter of the year also includes revenue of $3.43 billion. This is lower than the company’s revenue of $3.76 billion reported in the fourth quarter of the previous year. This also has it missing analysts’ revenue estimate of $3.57 billion for the period, but BLK stock is still up today.
Blackrock also announced an increase to its quarterly cash dividend in its most recent earnings report. This move was approved by BLK’s Board of Directors. The company increased its dividend by 5% to $3.30 per share.
BLK stock was up 4% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.