Blackstone Inc (BX)

Shares of The Blackstone Group L.P.Commo (BX) dropped by 7.90% from $102.30 to $94.22 in the trading on Thursday, October 19, 2023. The reason why BX stock down is due to its disappointing Q3 earnings

• Earnings per share: Blackstone's (BX) third-quarter 2023 distributable earnings stood at 94 cents per share, falling short of the Zacks Consensus Estimate of 99 cents. This represented an 11% decline compared to the same quarter in the prior year. The earnings decline was influenced by reduced segment revenues and an increase in GAAP expenses. However, the growth in assets under management (AUM) due to substantial inflows provided some positive momentum.
• Net income attributable to Blackstone reached $552 million, a significant improvement compared to $2.3 million in the corresponding period of the previous year. This surpassed the estimated metric of $448.4 million.
• Total segment revenues amounted to $2.32 billion, marking a 10% year-over-year decrease and falling short of the Zacks Consensus Estimate of $2.56 billion.