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Key Takeaways
- BlackRock exceeded profit expectations for the first-quarter on Friday, but revenue was just short.
- The investment giant has also set a record for assets managed 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), a global investment giant, has reported a first-quarter adjusted income that was better than expected.
The company reported adjusted EPS of $11.30, which was well above the $10.13 analysts’ estimates, but revenue fell just shy of Visible Alpha’s estimates of $5.28 billion.
BlackRock’s AUM reached a record of $11,58 trillion at the end the first quarter. This is an increase of 11% over the previous 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 on Monday that Trump’s tariffs may cause inflation. He added that most CEOs with whom he spoke believe that the U.S. “is probably in a recession at the moment.”
BlackRock’s shares rose less than 1% Friday morning, shortly after the markets opened. They were down 16% from the beginning of the year when they opened the day.
UPDATE—This article has been updated with the latest share price information.
