NEW YORK, N.Y. – NEW YORK (AP) _ BlackRock Inc. (BLK) on Thursday reported first-quarter earnings of $657 million.
On a per-share basis, the New York-based company said it had net income of $3.92. Earnings, adjusted for one-time gains and costs, were $4.25 per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $4.29 per share.
The investment firm posted revenue of $2.62 billion in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $2.72 billion.
BlackRock shares have increased slightly more than 2 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 2 per cent. The stock has declined roughly 6 per cent in the last 12 months.
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 http://www.zacks.com/ap/BLK
Keywords: BlackRock, Earnings Report