NEW YORK (AP) _ BlackRock Inc. (BLK) on Friday reported second-quarter net income of $1.08 billion.

The New York-based company said it had profit of $7.06 per share. Earnings, adjusted for amortization costs and non-recurring costs, came to $7.36 per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $7.94 per share.

The investment firm posted revenue of $4.53 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $4.54 billion.

BlackRock shares have fallen 36% since the beginning of the year, while the S&P's 500 index has declined 20%. The stock has fallen 33% 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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