IVZ - Blackstone Q2 Earnings Miss Stock Dips as Costs Rise | Benzinga
Blackstone's (NYSE: BX) second-quarter 2024 distributable earnings of 96 cents per share lagged the Zacks Consensus Estimate of 99 cents. The figure reflects a decline of 3.2% from the prior-year quarter.
Shares of the company lost 1.5% in the pre-market trading. However, a full day's trading session will depict a clearer picture.
Results were primarily hurt by an increase in GAAP expenses. Nevertheless, a rise in segment revenues and improvement in the assets under management balance were tailwinds.
Net income attributable to Blackstone was $444.4 million compared with $601.3 million in the year-ago quarter.
Segment Revenues Improve, GAAP Expenses Rise
Total segment revenues were $2.52 billion, up 7% year over year. The top line outpaced the Zacks Consensus Estimate of $2.51 billion.
On a GAAP basis, revenues were $2.80 billion, down marginally year over ...