BlackRock Stock Hits All-Time High as Results Easily Top Estimates

Key Takeaways

• BlackRock shares touched a new all-time high Friday after the investment firm beat third-quarter profit and revenue estimates and set records for assets and inflows.
• CEO Larry Fink said the firm's "strategy is working."
• Fink added that BlackRock is providing infrastructure investments, especially for artificial intelligence innovation.

Shares of BlackRock (BLK) hit an all-time high Friday after the investment firm easily topped financial estimates and posted records for assets and inflows. 

The company reported third-quarter adjusted earnings per share (EPS) of $11.46, with revenue increasing 14.9% year-over-year to $5.20 billion. Analysts surveyed by Visible Alpha were looking for $10.38 and $5.02 billion, respectively.

BlackRock's assets under management (AUM) rose $2.4 trillion to $11.5 trillion, and net inflows came in at $221 billion, both all-time highs.

The company explained that the big jump in revenue came from "the positive impact of markets on average AUM, organic base fee growth, and higher performance fees."

CEO Says 'Our Strategy Is Ambitious, and Our Strategy Is Working'

Chief Executive Officer CEO Larry Fink said, "Our strategy is ambitious, and our strategy is working." He noted that the firm was driving "access to the enormous investment potential of infrastructure, especially to support AI innovation." Fink added that "the opportunities ahead of us have never been greater."

BlackRock shares recently rose 3% to $983.28 after earlier touching a record $995.99. They are up more than 20% year-to-date.

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