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10/23, 1:04 PM (Source: TeleTrader)
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Blackstone's net income rises 18% YoY to $1.2B in Q3

American asset management company the Blackstone Group reported on Wednesday that its net income increased 18% year-over-year, reaching $1.2 billion, compared to $950 million in the same period a year ago. Diluted earnings per share, the company stated, also rose during the reported period, jumping 44% to $1.15, compared to $0.64 in the third quarter of 2018. However, Blackstone's total revenue fell during the three months period through September, marking an 11% decline year-over-year and landing at $1.73 billion compared to the third fiscal quarter of 2018 when it stood at $1.92 billion.

Commenting on the report, the company's CEO Stephen A. Schwarzman described the third quarter results as "strong." "Our investors continue to entrust us with capital for both new and existing strategies, including nearly $150 billion of inflows during the last year – culminating in industry-record Total Assets Under Management of $554 billion, up 21% year-over-year," he underlined.

Breaking the News / GG