BlackRock, Inc. (BLK) has reported a 31.20 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $862 million, or $5.23 a share in the quarter, compared with $657 million, or $3.92 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $865 million, or $5.25 a share compared with $711 million or $4.25 a share, a year ago.
Revenue during the quarter grew 7.62 percent to $2,824 million from $2,624 million in the previous year period. Total expenses were 59.38 percent of quarterly revenues, down from 63.30 percent for the same period last year. This has led to an improvement of 392 basis points in operating margin to 40.62 percent.
Operating income for the quarter was $1,147 million, compared with $963 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1,151 million compared to $1,047 million in the prior year period.
"BlackRock's first quarter results reflect the strategic decisions we have made to complement our investment capabilities with industry-leading technology," commented Laurence D. Fink, chairman and chief executive officer of BlackRock. "Over the last 29 years, we’ve kept our focus on the long-term, anticipating changes in the asset management ecosystem and consistently investing in our business, to meet the evolving needs of our clients."
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