UPDATE 2-Blackstone's first-quarter profit rises but coronavirus weighs [Reuters (UK)]
Blackstone Inc. (BX)
Last blackstone inc. earnings: 4/23 06:56 am
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Source: Reuters
Blackstone's first-quarter profit rises but coronavirus weighs - Reuters 5 Min Read (Reuters) - Blackstone Group Inc ( BX.N ), the world’s largest manager of alternative assets such as private equity and real estate, reported a 4% rise in first-quarter distributable earnings on Thursday, driven by a surge in management fees, even as its funds took a hit in the coronavirus-induced downturn. Blackstone, whose shares were up 5.3% at $48.78 in early afternoon, posted a 16% rise in management and advisory fee revenue thanks to its continued fundraising. That offset a 32% drop in revenue generated from performance fees it books when it cashes out on assets. Distributable earnings (DE) rose to $557.1 million from $538 million a year earlier. This translated into DE per share of 46 cents, lower than the 50 cents that analysts estimated on average, according to data compiled by Refinitiv. Global stock markets have tumbled as stay-at-home measures to fight the coronavirus pandemic have shut d
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