Blackstone Inc. shares rose 6% in premarket trades Thursday after the investment firm said its first-quarter profit fell to $1.22 billion, or $1.66 a share, from $1.75 billion, or $2.46 a share, in the year-ago quarter. Revenue fell to $5.13 billion from $5.3 billion. First-quarter distributable earnings rose to $1.94 billion, or $1.55 a share, from $1.19 billion, or 96 cents a share in the year-ago quarter. Distributable earnings revenue rose 71% to $3.5 billion from $2 billion. Blackstone beat the Wall Street estimate for distributable earnings of $1.06 a share and distributable earnings revenue of $2.9 billion, according to a FactSet report. Total assets under management increased by 41% to $915.5 billion, while fee-related assets under management also climbed 41% to $677.9 billion. CEO Stephen Schwarzman said the first quarter, “represented one of the best in Blackstone’s 36-year history despite an extremely challenging market backdrop.” Shares of Blackstone are down 7% so far in 2022, compared to a loss of 6.4% by the S&P 500.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
