Summary by Moomoo AI
BlackRock reported strong financial results for Q3 2024, with revenue increasing 15% year-over-year to $5.2 billion and operating income rising to $2.0 billion. The company's assets under management (AUM) reached a record $11.5 trillion, driven by $221 billion of net inflows and positive market performance. Performance fees surged to $388 million from $70 million in Q3 2023.The company demonstrated robust growth across its product lines, with ETF net inflows of $97 billion and institutional net inflows of $56 billion during the quarter. Base fees increased due to higher average AUM and organic growth, while technology services revenue remained stable at $403 million. Operating margin improved to 38.6% from 36.2% in the prior year quarter.BlackRock continued its strategic expansion with the completion of the Global Infrastructure Partners (GIP) acquisition in October 2024 for approximately $3 billion in cash and 12 million shares. The company also maintained strong capital management, repurchasing $1.2 billion of shares during the first nine months while paying $2.3 billion in dividends.
