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NEW YORK (AP) — NEW YORK (AP) — BlackRock Inc. (BLK) on Friday reported third-quarter net income of $1.6 billion.
The New York-based company said it had net income of $10.66 per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, came to $10.91 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $8.47 per share.
The investment firm posted revenue of $4.52 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $4.55 billion.
BlackRock shares have dropped 10% since the beginning of the year, while the S&P's 500 index has climbed 13%. The stock has increased 20% in the last 12 months.
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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