Apollo Global Management Inc.’s stock APO rose 2.7% in premarket trading on Wednesday after the private-equity firm said it swung to a third-quarter profit and beat the analyst target for total asset management fee related revenue. Apollo reported a third-quarter profit of $660 million, or $1.10 a share, after a year-ago loss of $563 million, or 98 cents a share. Normalized adjusted third-quarter profit of $1.72 a share fell short of the FactSet consensus estimate of $1.76 a share. Revenue fell to $2.6 billion from just under $3 billion in the year-ago period. Total asset management fee related revenue rose to $834 million in the third quarter, from $671 million in the year-ago period and ahead of the analyst consensus estimate of $805 million.
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