US Stock Market Move | Q2 performance exceeds expectations, BlackRock, Inc. (BLK.US) opens up nearly 7%.

On Wednesday, BlackRock, Inc. (BLK.US) opened nearly 7% higher, now trading at $1096.08. On the news front, the company's second-quarter performance exceeded expectations, largely driven by record fund inflows and strong organic growth on its platform. Earnings per share were $13.91, significantly higher than analysts' forecast of $12.57; revenue was $7.08 billion, above the market consensus of $6.72 billion. Revenue increased by 31% year-on-year. BlackRock, Inc. stated that this growth reflects favorable market conditions, organic base fee growth, revenue from the HPS transaction, higher performance fees, and growth in technology services and subscription income. Driven by net inflows of $868 billion in the past 12 months and a 10% organic base fee growth, the company's assets under management reached $15.3 trillion, up 22% year-on-year. The company reported that net inflows in the first half of the year set a record of $321 billion, with $192 billion flowing in just the second quarter alone, across areas such as ETFs, private markets, active fixed income, and systematic equity strategies. Larry Fink, Chairman and CEO of BlackRock, Inc., said, "The market fundamentals are strong and well-supported, with new technologies driving higher profit margins and profit growth." Our momentum is accelerating, and I have never been more optimistic about future growth, he added.