BlackRock (BLK.US) stock rose 0.30% before the opening bell after the world's largest asset manager reported upbeat Q1 earnings thanks to rising demand for its various exchange-traded and active funds. On the other hand, revenue figures came short of analysts’ estimates.
Company earned $9.52 per share on revenue of $4.7B, while markets anticipated EPS of $8.99 on revenue of $4.77B.
Total net flows amounted to $86 billion in Q1, sharply lower compared to $172 billion a year earlier, primarily due to seasonal cash management outflows of $27 billion.
Assets under management rose to $9.57 trillion from just over $9 trillion a year earlier.
"As the world continues to face geopolitical and economic uncertainty, our investments over the years to build BlackRock's all-weather platform position us well to advise our clients and help them pursue their long-term financial goals," Chief Executive Officer Larry Fink said in a statement.
BlackRock (BLK.US) stock rose slightly in premarket and is currently testing local resistance at $722.50 which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
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