Blackstone Posts 43% Drop In Q2 Revenues, While Hitting $1 Trillion AUM Milestone
Portfolio Pulse from Anusuya Lahiri
Blackstone Inc (NYSE:BX) reported a 43% Y/Y drop in Q2 revenues to $2.35 billion, missing the consensus of $2.41 billion. Distributable earnings fell 43% Y/Y to $1.35 billion, largely due to a 64% decline in DE from the real estate business. However, the company hit a milestone of $1 trillion in assets under management, a 6% Y/Y increase. Blackstone also declared a quarterly dividend per share of $0.79 and repurchased $1.2 billion worth of stock.
July 20, 2023 | 1:01 pm
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Blackstone's Q2 revenues and distributable earnings both fell 43% Y/Y, missing consensus estimates. However, the company achieved a milestone of $1 trillion in assets under management. The company's stock price fell 3.73% in premarket trading.
The significant drop in Blackstone's Q2 revenues and distributable earnings, which missed consensus estimates, is likely to negatively impact investor sentiment and the company's stock price in the short term. However, the milestone of $1 trillion in assets under management could provide some positive sentiment. The company's stock price fell 3.73% in premarket trading, indicating a negative short-term impact.
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