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BlackRock Reports Strong Third Quarter Results with $198 Million Net Income Growth
Revenue Reaches $4.5 Billion in Q3, Fueled by Investment Advisory and Administration Fees
BlackRock, Inc.(BLK), the world's largest asset management company, has announced its financial results for the third quarter of 2023, reporting a net income of $1.6 billion and robust revenue of $4.5 billion. The company's performance was driven by strong investment advisory, administration fees, and securities lending revenue.
Revenue Growth and Investment Advisory Fees
In the third quarter of 2023, BlackRock achieved significant revenue growth, with total revenue amounting to $4.5 billion, marking a $211 million increase compared to the same period in 2022. This remarkable growth was primarily attributable to investment advisory and administration fees, which amounted to $3.5 billion. These fees saw a $145 million increase from the previous year's Q3, highlighting BlackRock's prowess in the asset management industry.
Investment Advisory Performance and Technology Services