BlackRock (NYSE:BLK), in Q3 2023, reported a year-on-year (YoY) revenue increase of 4.9%, reaching $4.52 billion, and earnings per share (EPS) of $10.91, up from $9.55 YoY. This performance is in line with InvestingPro's data, which shows revenue of 17.35B USD for the last twelve months up to Q2 2023. The reported revenue was slightly less than the Zacks Consensus Estimate of $4.55 billion by -0.71%, while the EPS surpassed the consensus EPS estimate of $8.47 by +28.81%.
The firm's technology services revenue stood at $407 million, marking a +20.4% YoY change and surpassing an estimated $368.04 million. Advisory and other revenues were at $43 million, higher than the expected $40.50 million and showing a +22.9% YoY change.
Investment advisory performance fees were lower than expected at $70 million versus an estimated $120.05 million, indicating a -14.6% YoY change. Distribution fees were at $321 million, slightly below the estimated $328.57 million, showing a -1.2% YoY change.
Total investment advisory, administration fees, and securities lending revenue were $3.68 billion, just below the estimated $3.71 billion but still showing a +4.3% YoY change. This figure aligns with InvestingPro's data showing an Operating Income, Adjusted LTM2023.Q2 of 6103M USD.
Investment advisory performance fees for equity were reported at $17 million; alternatives subtotal was at $47 million; and fixed income subtotal for investment advisory, administration fees, and securities lending revenue was at $887 million.
In terms of key metrics, cash management net inflows were reported at $15.21 billion versus an estimated $30.98 billion; cash management assets under management stood at $723.68 billion against a predicted $729.24 billion; total assets under management were at $9,100.83 billion, lower than the estimated $9,328.51 billion; and long-term assets under management were at $8,377.14 billion compared to an estimated $8,625.4 billion.
Over the past month, BlackRock shares have returned -10%, compared to the Zacks S&P 500 composite's -2.4% change. The stock currently holds a Zacks Rank #3 (Hold), suggesting it could perform in line with the broader market in the near term. InvestingPro data supports this, indicating a 1 Month Price Total Return Y2023.D286 of -8.76 %.
InvestingPro Tips also highlights BlackRock's strong financial position. The company yields high returns on invested capital and has maintained dividend payments for 21 consecutive years. For more financial insights like these, consider exploring the InvestingPro product, which includes additional tips for making informed investment decisions.
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