BlackRock, Inc. (NYSE: BLK) announced its financial results for the first quarter of fiscal 2018. With both revenue and earnings beating estimates, shares of the company increased 2% in the afternoon.
BlackRock reported revenue for the first quarter of $3.58 billion, which increased from $3.09 billion for the same period last year. The results beat analysts’ estimates of $3.40 billion. The company said that the increase was mainly due to the better investment advisory, administration fees and securities lending revenue.
According to the company, net income for the first quarter rose from $859 million for the same period last year to $1.09 billion. In addition, operating income increased from $1.14 billion to $1.38 billion for the first quarter. Earnings per share for the quarter rose from $5.25 to $6.70 per share, which beat analysts’ estimates of $6.39 per share.
“Paced by a strong January, long-term net inflows of $55 billion, representing 5% annualized organic base fee growth, were positive across active and index strategies,” Laurence D. Fink, the Chairman and CEO of BlackRock, said in the statement on Thursday.
“Momentum continued in technology and risk management, with 19% year-over-year revenue growth, further highlighting the strength and diversity of our global platform,” Laurence continued.