NEW YORK (AP) — NEW YORK (AP) — BlackRock, Inc. (BLK) on Friday reported first-quarter net income of $1.51 billion.
The New York-based company said it had net income of $9.64 per share. Earnings, adjusted for costs related to mergers and acquisitions and amortization costs, were $11.30 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $10.25 per share.
The investment firm posted revenue of $5.28 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $5.33 billion.
BlackRock shares have dropped 16% since the beginning of the year, while the S&P’s 500 index has risen 10%. The stock has climbed roughly 10% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BLK at https://www.zacks.com/ap/BLK
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