NEW YORK (AP) — NEW YORK (AP) — Blackstone Inc. (BX) on Thursday reported third-quarter profit of $552 million.
On a per-share basis, the New York-based company said it had net income of 73 cents. Earnings, adjusted for non-recurring costs, came to 94 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.
The investment manager posted revenue of $2.54 billion in the period. Its adjusted revenue was $2.32 billion, which also missed Street forecasts. Six analysts surveyed by Zacks expected $2.53 billion.
Blackstone Inc. shares have increased 38% since the beginning of the year.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BX at https://www.zacks.com/ap/BX