Blackstone's Q3 revenue plunges 83% to $1.06B
Blackstone Inc. announced in its third-quarter earnings report on Thursday that its revenue reached $1.06 billion, sinking 83% on a yearly basis. Net income dropped to $2 million compared to $1.4 billion in the third quarter of 2021, with no earnings per share, compared to $1.94 in Q3 2021.
"We delivered excellent results again in the third quarter. We protected client capital during a period of extreme market turbulence as we have through many challenging cycles in our history. Our clients entrusted us with $45 billion of inflows in the third quarter and $183 billion year to date, and we grew total assets under management 30% year over year to a record $951 billion. The Blackstone brand has never been stronger," CEO Stephen Schwarzman said.
Blackstone shares lost 0.73% in premarket trade.