UPDATE: BlackRock Q1 Net Income Rises 10%

BlackRock

reported a 10% gain in its first-quarter net income. BlackRock's quarterly profit surged to $632 million, or $3.62 per share, from $572 million, or $3.14 per share, in the year-earlier quarter. Its revenue climbed 9% to $2.45 billion, while adjusted earnings came in at $3.65 per share. However, analysts were expecting earnings of $3.58 per share and revenue of $2.44 billion. BlackRock shares closed at $253.86 yesterday.