By Jack Pitcher

BlackRock's quarterly net income fell slightly from a year earlier, while the investment firm's assets under management edged higher to a record $11.6 trillion.

The world's largest asset manager said net income fell 4% to $1.5 billion from the same period a year earlier, on acquisition-related costs. Revenue rose 12%.

Before certain one-time expenses, the firm earned $11.30 a share, exceeding Wall Street's expectations of $10.08.

BlackRock's $84 billion of net inflows into its funds helped assets edge up to a record despite volatile markets, but missed analyst estimates of $128.6 billion.

In a statement announcing the results, BlackRock chief executive Larry Fink wrote the markets had entered an unsettling period.

"Uncertainty and anxiety about the future of markets and the economy are dominating client conversations," he wrote. "We've seen periods like this before when there were large, structural shifts in policy and markets - like the financial crisis, COVID, and surging inflation in 2022. We always stayed connected with clients, and some of BlackRock's biggest leaps in growth followed."

BlackRock shares have fallen 16% this year amid the broader selloff of financial stocks.

More highlights from BlackRock's first-quarter results:

-- Revenue rose to $5.28 billion, up 12% from a year earlier and right around expectations of $5.29 billion

-- Base management fess-those that aren't tied to a fund's performance-were $4.4 billion, compared to analyst estimates of $4.42 billion

-- Performance fees were $60 million, down from $204 million in the first quarter last year

-- BlackRock's Aladdin portfolio management software reported $436 million in revenue, under estimates of $445 million

-- Adjusted operating margin was 43.2%, up from 42.2% in the prior period

Write to Jack Pitcher at jack.pitcher@wsj.com

(END) Dow Jones Newswires

April 11, 2025 06:16 ET (10:16 GMT)

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