BlackRock's Q1 Earnings: Revenue and AUM Decline, Net Inflow Rises, $32B Bond ETF Inflow

BlackRock Inc BLK reported a Q1 revenue decline of 10% Y/Y to $4.24 billion, slightly below the consensus of $4.25 billion.
Investment advisory, administration fees and securities lending revenues declined to $3.50 billion from $3.83 billion in the prior year’s quarter due to the negative impact of market beta and foreign exchange movements on average AUM.
Total net inflows stood at $110.3 billion, higher than $86.4 billion in the year-ago quarter, reflecting net inflows to the diversified cash management platform.
Adjusted operating income declined 17% Y/Y to $1.5 billion, with margins contracting to 40.4% from 44.2% a year ago.
Adjusted EPS declined 17% Y/Y to $7.93, beating the consensus of $7.73.
Total assets under management were $9.09 trillion as of March 31, 2023, vs. $9.57 trillion as of March 31, 2022.
“BlackRock led the industry with $34 billion of bond ETF net inflows and accounted for over 60% of total fixed income ETF trading volume during the quarter. BlackRock ETFs once again proved their value as critically important tools for active management and in providing liquidity and transparency to clients.”
“Aladdin continued to provide best-in-class portfolio and risk analytics, enabling clients to act quickly and with clarity and confidence. And clients turned to our $683 billion cash management platform to manage risk, diversify, and enhance yields,” stated Laurence D. Fink, Chairman and CEO.
Price Action: BLK shares traded lower by 0.71% at $665.97 premarket on the lat check Friday.

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