Blackstone Second Quarter Results Reveal 125% Total Income Growth

Blackstone, the investment management firm that assisted Bumble’s historic IPO in February, has published its second quarter earnings report for 2021.

It revealed a total income of $1.3 billion, marking a year-on-year increase of 125%, as the company built on a more strategic approach to its investments by observing trends and looking for industries with high growth potential.

Distributable earnings also doubled to $1.1 billion which equates to payable dividends of 82 cents per share. This figure beat the general analyst estimates by four cents.

Steven Schwarzman, CEO and Chairman of Blackstone, explained in an accompanying statement: “Blackstone again reported outstanding results in the second quarter, including our best-ever quarter of fund appreciation. 

“Strong investment performance and our culture of innovation have allowed us to meaningfully broaden the clients we serve, including individual investors and insurance companies, and the types of investments we can make.”

Investors were obviously impressed by the news, as Blackstone’s share price rose by 4.1% during yesterday’s trading session and since the start of 2021 it has grown by almost 75%. The company now has a market cap of $131.65 billion, surpassing Goldman Sachs for the first time.

Over the past few months, Blackstone has established positions in technical online training platform Simplilearn and collectables authenticating company Certified Collectibles Group.

Bumble is due to publish its own second quarter results after the close of trading on 11th August.

Read more here.