Summary by Moomoo AI
BlackRock reported strong financial results for Q2 2024, with revenue increasing 8% year-over-year to $4.8 billion and operating income rising 11% to $1.8 billion. The operating margin expanded to 37.5% from 36.2% in Q2 2023. Net income grew 9% to $1.5 billion, with diluted EPS reaching $9.99, up 10% from the prior year.Assets under management (AUM) reached a record $10.6 trillion, driven by $51.4 billion in long-term net inflows and positive market performance. ETF inflows were particularly strong at $83.1 billion, led by fixed income and core equity products. Technology services revenue grew 10% to $395 million, reflecting sustained demand for Aladdin offerings.The company maintained a strong capital position with $10.2 billion in cash and cash equivalents. In March 2024, BlackRock issued $3 billion in senior notes to help fund its acquisition of Global Infrastructure Partners. The company returned capital to shareholders through $875 million in share repurchases and quarterly dividends of $5.10 per share during the quarter.
