NEW YORK (AP) _ BlackRock Inc. (BLK) on Wednesday reported first-quarter net income of $1.44 billion.

The New York-based company said it had profit of $9.35 per share. Earnings, adjusted for one-time gains and costs, came to $9.52 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $8.92 per share.

The investment firm posted revenue of $4.7 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $4.73 billion.

BlackRock shares have dropped 22% since the beginning of the year, while the S&P's 500 index has decreased almost 8%. The stock has fallen 11% 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 https://www.zacks.com/ap/BLK

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