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BlackRock misses Street 2Q forecasts

NEW YORK (AP) _ BlackRock Inc. (BLK) on Monday reported second-quarter profit of $857 million.

The New York-based company said it had profit of $5.22 per share. Earnings, adjusted for non-recurring costs, were $5.24 per share.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $5.39 per share.

The investment firm posted revenue of $2.97 billion in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $3.01 billion.

BlackRock shares have climbed 15 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 10 percent. The stock has climbed 23 percent 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

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Keywords: BlackRock, Earnings Report