BlackRock, Inc. BLK reported second-quarter 2017 adjusted earnings of $5.24 per share, which lagged the Zacks Consensus Estimate of $5.39. However, the bottom line came in 10% higher than the year-ago quarter.Lower-than-expected results were primarily due to a rise in operating expenses and lower investment advisory performance fees. However, increase in investment advisory, administration fees and securities lending revenues, along with growth in assets under management (AUM) acted as tailwinds.Net income (on a GAAP basis) came in at $857 million, up 9% from the prior-year quarter.Revenue Growth Offsets Rise in ExpensesRevenues (GAAP basis) increased 6% year over year to $2.97 billion. The rise was due to increase in investment advisory, administration fees and securities lending revenues, and technology and risk management revenues. The reported figure was in line with the Zacks Consensus Estimate.Total expenses amounted to $1.72 billion, up 6% year over year. This was due to a rise in all cost components except amortization of deferred sales commissions and stable amortization of intangible assets, which witnessed a fall.Non-operating income (on a GAAP basis) came in at $1 million as against Non-operating expense $25 million in the year-ago quarter.BlackRock’s adjusted operating income came in at $1.25 billion, up 6% year over year.Strong AUM & InflowsAs of Jun 30, 2017, AUM totaled $5.7 trillion, up 16% year over year. Further, during the reported quarter, the company witnessed long-term net inflows of $94.5 billion.Share RepurchasesDuring the quarter, BlackRock repurchased shares worth $275 million.Our ViewpointBlackRock remains well poised for opportunistic acquisitions, supported by a strong liquidity position. Moreover, its initiatives to gain market share in the ETF business are expected to drive revenue growth in the future. However, increased dependence on overseas revenues and regulatory restrictions remain primary near-term concerns.BlackRock, Inc. Price, Consensus and EPS Surprise BlackRock, Inc. Price, Consensus and EPS Surprise | BlackRock, Inc. QuoteCurrently, BlackRock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Among other investment managers, The Blackstone Group L.P. BX is scheduled to announce second-quarter 2017 results on Jul 20, Ameriprise Financial, Inc. AMP on Jul 25 and Invesco Ltd. IVZ on Jul 27.Today's Stocks from Zacks' Hottest StrategiesIt's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Invesco PLC (IVZ): Free Stock Analysis Report AMERIPRISE FINANCIAL SERVICES, INC. (AMP): Free Stock Analysis Report The Blackstone Group L.P. (BX): Free Stock Analysis Report BlackRock, Inc. (BLK): Free Stock Analysis Report To read this article on Zacks.com click here.