Briefly

Morningstar Inc. said Tuesday that its first-quarter profit dropped 11%, in the stock and mutual fund researcher’s first financial results since becoming a publicly traded firm May 3.

Morningstar said net income in the quarter was $4 million, or 9 cents a share, down from $4.5 million a year earlier. Excluding stock-option expenses, the firm said operating income was up 35% from a year earlier.

Revenue grew 29% to $53.2 million on strong sales of services to individual investors, the company said.

The stock slid 68 cents to $21.30 on Nasdaq. The firm went public at $18.50 a share.