Blackstone comes up short of $1 trillion goal in 2022
Yahoo Finance Live anchors discuss Blackstone quarterly earnings.
JULIE HYMAN: Blackstone has come up short of the $1 trillion mark in assets under management for 2022. That's a year after CEO Steve Schwarzman accelerated his timeline from the original goal of 2026. So they did not meet that particular measure there. The stock, though, as you can see, is trading higher right now.
Quarterly earnings did top analysts' estimates. And the company also declared a dividend of $0.91, although that was a little lower than expected. But the shares getting a pop, it looks like, from the earnings beat.
BRIAN SOZZI: It looked like a better quarter, at least to me, from BlackRock when they reported--
JULIE HYMAN: Blackstone.
BRIAN SOZZI: --a couple weeks-- I know but relative to BlackRock.
JULIE HYMAN: Oh, Blackstone versus BlackRock.
BRIAN SOZZI: Yeah. But I think BlackRock had a lot more challenging-- challenges in various parts of the business, notably expenses just too darn high.
BRAD SMITH: Yeah, stones versus rocks in--
BRIAN SOZZI: [LAUGHS]
BRAD SMITH: --this one. They said that they were able to of navigate one of, what they're calling, the most challenging market backdrops in history here. Well, it could get a little bit more challenging should they-- their customers, as well, should the expectations come true about what could be a second half recession this year, as well.
JULIE HYMAN: Yeah, I mean, they're pretty different. BlackRock is much more of an asset managemer-- asset manager. Blackstone much more weighted toward private equity. So telling us a little bit different things, perhaps, about different parts of the economy.