Key facts
- BlackRock's second-quarter profit increased by 20% to $1.91 billion.
- Earnings per share were $12.19, up from $10.19 a year earlier.
- Assets under management grew to $15.34 trillion.
- The S&P 500 index saw a 15% gain in the second quarter.
BlackRock reported a 20% increase in second-quarter profit, driven by a strong stock market rally that boosted the value of its client assets. The world's largest money manager posted a profit of $1.91 billion, or $12.19 per share, for the three months ended June 30, compared to $1.59 billion, or $10.19 per share, a year earlier.
Major U.S. equity indexes experienced their largest quarterly gains since 2020 in the second quarter, with the S&P 500 index rising 15%. This buoyant market environment contributed to BlackRock's assets under management increasing to $15.34 trillion, up from $12.53 trillion a year prior and $13.89 trillion in the first quarter.
Shares of BlackRock rose 1.6% in premarket trading following the earnings announcement. The company's assets under management are influenced by investment performance and net flows into its funds.