BlackRock (NYSE:BLK) plans to lay off about 600 employees, or nearly 3% of its workforce, in response to rapid changes in the economic environment and evolving customer needs. BLK is a provider of investment, advisory, and risk management solutions.
Despite these headcount reductions, the company expects to have a larger employee base by the end of this year. This is because BLK aims to expand operations in the faster-growing parts of business, such as exchange-traded funds (ETFs). Also, the company is witnessing traction across Europe, the Middle East, India, and other markets in Asia.
Having weathered the market downturn over the past two years, BlackRock is now looking for growth opportunities. The company’s focus on strategic acquisitions and enhanced alternative investment offerings reflects its commitment to drive long-term growth.
BLK’s Upcoming Q4 Results
BlackRock is scheduled to release its fourth quarter and full-year 2023 results on January 12, before the market opens. The Street expects BLK to post earnings of $8.77 per share in Q4 compared with $8.93 per share reported in the prior-year period. Meanwhile, revenue is expected to fall marginally from the year-ago quarter to $4.61 billion.
Is BLK a Good Stock to Buy?
Of the 15 analysts covering BlackRock, 12 have a Buy rating and three suggest a Hold in the past three months. Overall, the stock comes in as a Strong Buy. Meanwhile, the average BLK stock price target stands at $827.53, implying upside potential of 4.2%. Shares are up 15.7% over the past six months.
