NEW YORK (AP) — NEW YORK (AP) — BlackRock Inc. (BLK) on Friday reported first-quarter net income of $1.57 billion.

The New York-based company said it had profit of $10.48 per share. Earnings, adjusted for one-time gains and costs, came to $9.81 per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $9.42 per share.

The investment firm posted revenue of $4.73 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $4.69 billion.

BlackRock shares have fallen 3% since the beginning of the year, while the S&P's 500 index has risen 9%. The stock has increased 17% in the last 12 months.

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