Blackstone Inc. BX, -1.64% said Thursday its third-quarter net income fell sharply to $2.3 million, or zero cents a share, from $1.4 billion, or $1.94 a share in the year-ago quarter. Revenue at the private equity firm dropped to $1.06 billion from $6.22 billion. Fee-related earnings rose to 98 cents a share from 65 cents a share in the year-ago quarter. Distributable earnings fell to $1.06 a share from $1.28 a share. Total assets under management rose 30% to $951 billion. Total segment revenue fell 15% to $2.59 billion. Blackstone matched the analyst estimate of 98 cents a share for fee-related earnings and surpassed the estimate of $2.32 billion for segment revenue, according to FactSet data. “We protected client capital during a period of extreme market turbulence as we have through many challenging cycles in our history,” CEO Stephen A. Schwarzman said. The firm also booked $45 billion of inflows in the third quarter. Blackstone shares rose 0.9% in premarket trades.
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