TORONTO (AP) _ Manulife Financial Corp. (MFC) on Wednesday reported first-quarter earnings of $966.3 million.

The Toronto-based company said it had profit of 48 cents per share. Earnings, adjusted for non-recurring gains, came to 38 cents per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The financial services company posted revenue of $15.04 billion in the period.

Manulife shares have dropped 42% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.78, a drop of 36% 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 MFC at https://www.zacks.com/ap/MFC

Automated Insights, source Associated Press News