Asset management company BlackRock, Inc. (NYSE: BLK) announced financial results for the second quarter of 2023, reporting higher earnings and a modest dip in revenues.
Total revenue decreased 1% year-over-year to $4.46 billion, mainly driven by the impact of market movements over the past twelve months on average AUM. Total assets under management as of the second quarter were $9.43 trillion. Long-term net flows totaled $56.69 billion.
Second-quarter adjusted earnings increased to $9.28 per share from $7.36 per share in the comparable period of 2022. Unadjusted income was $1.37 billion or $9.06 per share, compared to $1.08 billion or $7.06 per share in the prior-year period.
