NEW YORK (AP) — NEW YORK (AP) — Blackstone Inc. (BX) on Thursday reported first-quarter profit of $649.7 million.

The New York-based company said it had net income of 83 cents per share. Earnings, adjusted for non-recurring costs, were $1.36 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.35 per share.

The investment manager posted revenue of $3.62 billion in the period. Its adjusted revenue was $3.43 billion, also beating Street forecasts. Five analysts surveyed by Zacks expected $3.32 billion.

Blackstone Inc. shares have fallen 16% since the beginning of the year.

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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 BX at https://www.zacks.com/ap/BX