Blackstone’s (BX) earnings tripled and the stock is up almost 10% in the pre-market. Net income hit $774 million up from $224 million a year ago.
The earnings were more than a normal quarterly report. The figures are a vindication for the firm that went public earlier this year and watched its shares drop from $38 to $22.76, humiliating CEO Steve Schwartzman and his staff.
The crisis in LBO and private equity debt has taken its toll on the ability of firms like Blackstone to syndicate the huge pools of debt that they take on with deals.
In the light of the summer’s financial markets problems, the real numbers to watch will be BX Q3.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
