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BlackRock just released financial results , beating expectations for both revenue and profit for the latest quarter. We're connected with Larry Fink, Chairman and CEO of BlackRock. Larry, it's nice to see you. We are glad to welcome you here. Looking at these numbers, I see that you have significantly exceeded expectations.
$6.60 per share versus the $6.35 the market was expecting. Revenue is also higher than forecast. In fact, revenue grew 11% year-over-year due to an increase in base commissions and growth in technology services revenue . I think what surprised me the most was the fact that you had $ 35 billion in net inflows in the quarter, despite the terrible situation in the markets.
Tell us a little about what's happening and what you're observing. Well, first of all, congratulations . It's nice to communicate with you from home. This is my first experience communicating with all of you from home. This is a little unusual for me. So, let me start by saying, Becky, that...this has been tough for everyone.
Of course, 16,000 BlackRock employees were able to mobilize. And if I analyze the quarter, apart from our inflows and outflows, several key areas of our business performed very well. There's been a lot of talk about ETFs over the years, and on our show , when I'm there, I'm constantly asked about ETFs and whether they carry risks.
Well, let me say first of all: ETF markets have performed incredibly well. Even in the most stressful weeks, those looking for liquidity, those who wanted to change their beta exposure, were able to do so. All fixed income ETFs performed quite well. There was no period when the imbalance between the underlying assets and the ETF was distorted, and most importantly, we saw many new ETF users selling them to reduce exposure or buying them to increase it.
So this is the first thing. Second, in our quarter, Aladdin system revenues grew 34% year-over- year. But most importantly: we have 250 clients, including the entire BlackRock company. The Aladdin system worked fantastically. We didn't design Aladdin for over 90% of our employees to work remotely, as well as all of our customers around the world, and it worked very well.
And I probably received more compliments on the Aladdin system in the first quarter than I ever have before, and maybe even more than in the entire previous existence of BlackRock and Aladdin. And yet, you're right , the whole company rallied around having $35 billion in capital inflows, and let me explain that.
But before that, as you mentioned , our revenues grew 11% year- over-year, operating income grew 3%, and our margins were almost flat, down only 20 basis points. But let me really show you the hidden transformation of this neighborhood—from something incredible to something truly unsatisfactory. I want to use February 21st as a reference point to give you an idea of what we observed.
We saw that cumulatively from the beginning of the year to February 21, we had about $82 billion in long-term capital inflows. In fact, we had a cash outflow in the first part of the quarter . And then, from February 21st to the end of the quarter, we actually had $100 billion in outflows, mostly in index products, where people were going in and out of the market trying to change their positions, whether it was in index products or ETFs.
So this was a big reversal in market sentiment. Obviously, we actually started off one of the best first quarters in our history with $82 billion in inflows by mid- February, and then of course we ended up the way we ended up. So, we saw a big outflow in index products in the last six weeks of the quarter, a huge inflow of cash, and after the quarter is over, we're likely to see even more inflows.
Perhaps one of the other major developments of our quarter: unlike the industry, where active equity outflows exceeded one hundred billion dollars, we actually had an active equity inflow of four billion dollars. And so I think this quarter shows me the areas that we've been emphasizing: iShares, illiquid alternative investments, where we had $7 billion in inflows.
We have been focusing on cash for the past few years, receiving over $50 billion in inflows. So thanks to iShares and our Aladdin platform, which grew by 34%. The components worked, and I would also say that one of the main reasons for the success is that we have spoken to over 50,000 of our customers since the pandemic became our top priority .
Together with myself and several other executives, we held over a hundred different one-on-one virtual meetings with other CEOs, CIOs, and government officials. So, I think BlackRock's presence around the world has really given us the opportunity to work with our clients, to help them, and in some quarters, like this one, working with clients has meant helping to mitigate risk.
But overall, as I've been telling you for many quarters now , we're capturing a larger share of the wallet. We are gaining more loyalty from our customers.
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