BlackRock (NYSE:BLK) earnings for the investment management company’s second quarter of 2020 have BLK stock on the rise Friday. This comes after reporting adjusted earnings per share of $7.85. That’s well above Wall Street’s estimate of $6.97 per share. Its revenue of $3.65 billion also beats out analysts’ estimates of $3.46 billion.
Here are some additional highlights from the most recent BlackRock earnings report.
- Adjusted per-share earnings came in 22% higher compared to $6.41 in the same period of the year prior.
- Revenue for the quarter is sitting 4% above the $3.52 billion reported during the second quarter of 2019.
- Operating income of $1.41 billion is a 10% increase year-over-year from $1.28 billion.
- The BlackRock earnings report also has net income coming in at $1.21 billion.
- That’s a 21% jump from the company’s net income of $1 billion from the same time last year.
Laurence Fink, chairman and CEO of BlackRock, said this about the results.
“BlackRock’s strong fiduciary culture is resonating in the depth of our relationships and the strength of our results. It is one of the key drivers of growth in our Aladdin technology business, and a critical reason why our Financial Markets Advisory team is working with governments around the world as they support their economies.”
BlackRock doesn’t discuss guidance during its current earnings report. Even so, we know Wall Street is estimating adjusted EPS of $28.21 on revenue of $14.64 billion for 2020.
BLK stock was up 3.7% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.