Blackstone Profit Fell 74% in Second Quarter – NYTimes.com

Blackstone Profit Fell 74% in Second Quarter – NYTimes.com.

Blackstone-Nader Nazemi

Stephen A. Schwarzman, chairman and chief executive of the Blackstone Group.

Pretty hard fall. But this was expected.

The Blackstone Group on Thursday reported a 74 percent decline in second-quarter earnings, underscoring some of the challenges the private equityindustry faces.

Blackstone’s profit, reported as economic net income after taxes, amounted to $212.3 million for the quarter, compared with $804.2 million in the period a year earlier. The figures include unrealized gains from investments. The earnings of 19 cents a share fell short of the 21 cents a share expected by analysts surveyed by Capital IQ.

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