Why Alternative Asset Manager Blackstone's Shares Are Sliding Today
Portfolio Pulse from Lekha Gupta
Blackstone Inc's (BX) shares are down by 4% following the release of its Q3 FY23 results. The company reported segment revenues of $2.32 billion, a 10% Y/Y decrease, and below the consensus of $2.51 billion. Distributable earnings fell 12% Y/Y to $1.21 billion, and fee-related earnings fell by 5% Y/Y to $1.12 billion. The company declared a quarterly dividend per share of $0.80 and repurchased 1.3 million shares in Q3. Despite the challenging market, Blackstone managed to raise over $25 billion of capital.
October 19, 2023 | 12:35 pm
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NEGATIVE IMPACT
Blackstone's Q3 FY23 results missed expectations, leading to a 4% drop in its share price. Despite the challenging market, the company managed to raise over $25 billion of capital.
Blackstone's lower than expected Q3 FY23 results have led to a decrease in its share price. However, the company's ability to raise a significant amount of capital despite the challenging market conditions demonstrates its resilience and could potentially mitigate the negative impact on its share price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100